Zomato founder and CEO Deepinder Goyal recently shared that the lowest point for the food delivery company came when its rival Swiggy secured $1 billion in funding while Zomato had only $35 million in the bank. Goyal was referencing 2018 when Swiggy announced its funding round led by Naspers, which was touted as the "single largest in India's food technology sector to date."
Swiggy utilised this investment to enhance its offerings by partnering with quality food brands across the country, addressing supply gaps through delivery-only kitchens, and expanding its talent pool, particularly in machine learning and engineering roles.
"The only moment I thought, 'Oh no, we’re in trouble,' was when Swiggy raised $1 billion while we had just $35 million in the bank. That was a tough situation," Goyal remarked during an interview at the ET Startup Awards 2024.
The Zomato CEO also revealed that a sponsorship deal with Swiggy has prevented him from returning as a judge and investor on the popular business reality show Shark Tank India, which is preparing for its fourth season. Goyal served as a judge in the previous season and was praised by audiences for his quick wit and sharp insights during the pitches. Reports suggest that the new deal is valued at Rs 25 crore.
He shared that he went on the show to change the narrative of start-up culture. "The start-up culture of India is too much about showmanship. I went there to set a different narrative, be real and change how people perceive. I felt a moral obligation to go there. I shot for one weekend and gave my perspective. I, unfortunately, can’t go back because Swiggy sponsored Shark Tank and kicked me out, at least that’s what I heard,” Goyal said.
Meanwhile, in light of Goyal's departure, Shark Tank India has officially announced its newest judge for the upcoming fourth season: Kunal Bahl, co-founder of Snapdeal.
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