Vinit Prajapati
5 Oct 2024
Swiggy Secures INR 25 Cr Sponsorship for Shark Tank India, Forcing Zomato's Deepinder Goyal Off the Panel; As the Company Gears Up for its INR 5,000 Cr IPO with New Services Like ‘Swiggy XL EV’ and ‘Bolt,’ It Focuses on Aggressive Growth Amidst Widening Losses
Swiggy, India's food-tech giant, has secured a sponsorship deal for Shark Tank India's fourth season, reportedly valued at INR 25 Cr. As part of the agreement, Zomato co-founder and CEO Deepinder Goyal will not be appearing on the show. Goyal acknowledged Swiggy’s role in his exit, revealing, “I can’t go back because Swiggy sponsored Shark Tank this time and kicked me out.”
Swiggy, which is preparing for an upcoming IPO, recently updated its draft red herring prospectus (DRHP) with SEBI. The IPO includes a fresh issue worth INR 3,750 Cr and an offer for sale of 18.57 Cr shares. However, shareholders recently approved an increase in the fresh issue size to INR 5,000 Cr. The company plans to allocate INR 950 Cr from the IPO proceeds towards marketing and brand awareness.
Ahead of the IPO, Swiggy is introducing new services, including ‘Swiggy XL EV’ fleet for bulk orders and ‘Bolt’ for delivering quick-to-prepare dishes in six major cities. Additionally, Swiggy is exploring a high-priced concierge membership offering exclusive access to premium experiences.
Despite these initiatives, Swiggy's financials show challenges: its net loss widened to INR 611 Cr in Q1 FY25, though revenue surged 35% year-on-year to INR 3,222.2 Cr. #SharkTank #SwiggyIPO #SharkTankIndia #FoodTech #DeepinderGoyal #SwiggySponsorship #ZomatoVsSwiggy #StartupIndia #SwiggyExpansion #SwiggyBolt #SwiggyXLEV #TechNews #BusinessUpdates #MarketingStrategy #IPOWatch
