Ahead of the fourth season of Shark Tank India, Deepinder Goyal, CEO of Zomato, has been removed from his role as a Shark. This decision reportedly comes as a result of Swiggy becoming the new sponsor of the show.

What Happened: Swiggy, a leading player in the food and grocery delivery sector, has invested ₹25 crore in sponsoring Shark Tank India. As part of the sponsorship agreement, Swiggy stipulated that Goyal, who represents their competitor Zomato, would not be allowed to participate as an investor on the show, reported the Economic Times.

Goyal confirmed his exit at the ET Startup Awards, stating, “I just went there to set a different narrative, be real, and change how people perceive how a startup should be built.”

“I felt it was my moral obligation to go there once… but I, unfortunately, can't go back because Swiggy sponsored Shark Tank this time and kicked me out, at least that's what I heard."

Swiggy did not immediately respond to Benzinga's request for comment. 

See Also: Delhi Customs Seize A Dozen Apple Iphone 16 Pro Max Hidden In Tissue Paper

Why It Matters: Swiggy’s move to sponsor Shark Tank India and exclude Goyal underscores the intensifying competition between the two food delivery giants. Swiggy is reportedly preparing to file for its IPO, aiming to raise over $1 billion (₹8,389 crore) through its listing. The company is currently awaiting approval from the Securities and Exchange Board of India (SEBI) to proceed with the IPO filing.

Despite a 36% surge in first-quarter revenue, Swiggy’s losses widened to ₹611 crore, as detailed in their latest draft red herring prospectus. The company’s expenses for the quarter increased by 27%, reaching ₹3,908 crore.

Meanwhile, Zomato is expected to maintain its lead in the quick-commerce sector, with global brokerage CLSA identifying it as a top retail bet. The quick-commerce model is reshaping India’s retail supply chain, enhancing operational efficiency and providing new brands with increased visibility.

Read Next: Controversial Umpiring Decision Sparks Debate In India Vs New Zealand Womens T20 World Cup Match

Image Credit: Deepinder Goyal

This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.