Swiggy, the food and grocery delivery platform, is nearing a deal to sponsor the fourth season of Shark Tank India for a hefty sum of ₹25 crores. Sources familiar with the development indicate that Swiggy has included a key stipulation in the agreement: Zomato founder and CEO Deepinder Goyal will not return as an investor for the upcoming season. This move highlights the fierce competition between the two companies, both battling for dominance in the food and grocery delivery sectors. While the two platforms were neck-and-neck in recent years, Zomato has since pulled ahead, securing a lead over Swiggy.
The exclusion of Goyal from the show also signals Swiggy’s increasing marketing efforts, as it prepares for its IPO in the coming weeks. The company’s updated draft red herring prospectus (DRHP) notes that of the ₹3,750 crores Swiggy aims to raise, ₹950 crores will be allocated to brand marketing and customer outreach. Neither Swiggy, Zomato, nor Sony Television provided comments on the matter.
Shark Tank India, broadcasted on Sony Television, recently began filming its fourth season. The panel of returning sharks includes Anupam Mittal (People Group), Aman Gupta (boAt Lifestyle), Namita Thapar (Emcure Pharmaceuticals), Peyush Bansal (Lenskart), and Ritesh Agarwal (OYO). Deepinder Goyal, who joined the panel as a shark in Season 3, garnered widespread acclaim for his sharp insights and candid interactions with entrepreneurs. His participation made waves across social media, enhancing his popularity on the show.
While it is common for companies to request “competition blocks” in sponsorship deals, Swiggy’s decision to exclude Goyal may also be linked to its upcoming public listing. Zomato, which went public three years ago, has been thriving in the stock market, with its market cap recently nearing $30 billion.
Swiggy’s IPO, detailed in its latest DRHP filed with SEBI on September 26, includes a fresh issue of ₹3,750 crores and an offer for sale (OFS) of 18.53 crore shares. Based on recent share purchases priced at ₹350 per share, the OFS component is valued at around ₹6,500 crores. At an Extraordinary General Meeting (EGM) held on October 3, Swiggy shareholders approved a resolution to increase the primary issue size from ₹3,750 crores to ₹5,000 crores. If necessary, the company can raise an additional ₹1,250 crores. However, the OFS component will remain unchanged.
Swiggy’s revenue surged 36 percent from ₹8,265 crores in FY23 to ₹11,247 crores in FY24, while its losses decreased by 44 percent, from ₹4,179 crores to ₹2,350 crores, thanks to better expense control. In comparison, Zomato reported revenue of ₹12,114 crores and a profit of ₹351 crores for FY24. However, in Q1FY25, Swiggy’s focus on growth led to a rise in losses, with an 8 percent increase from ₹564 crores to ₹611 crores.
During Q1FY25, Swiggy’s expenses totaled ₹3,908 crores, up 27 percent from ₹3,073 crores during the same period in the previous fiscal year. The company reported ₹3,222.2 crores in revenue for this period, marking a 35 percent increase compared to ₹2,389.8 crores in the prior year. Meanwhile, Zomato recorded ₹4,206 crores in revenue during the same quarter (a 74 percent year-on-year growth) and achieved a profit of ₹253 crores.
