Deepinder Goyal on Zomato's lowest moment: 'When Swiggy raised $1 billion, we had $35 million'

The rivalry between Zomato and Swiggy in food and grocery delivery has been getting intense.

Zomato founder and CEO Deepinder Goyal recently revealed the only moment he considered to be the lowest for the food delivery company was when its arch-rival Swiggy had raised $1 billion while Zomato had just $35 million in the bank.

Goyal was referring to the time in 2018 when Swiggy said that its latest round of funding led by Naspers was the "single largest in India's food technology sector to date". It used the money to bring more quality food brands closer to consumers and address gaps in supply through delivery-only kitchens for restaurant partners, Swiggy, and to hire talent, especially for machine learning and engineering roles across mid and senior levels.

"The only one moment like 'Oh sh**, we're dead' was when Swiggy raised $1 billion and we had $35 million in the bank," Goyal said during an interview at ET Startup Awards 2024. "That was bad."

At the same event, the Zomato boss also shared how a sponsorship deal with Swiggy ensured that he could no longer return as a judge and investor on the popular business reality show Shark Tank India which is gearing up for its fourth season. Goyal was a judge in the last season and was lauded by the audience for his quick wit and acute observations during the pitches. According to reports, the new deal is worth Rs 25 crore.

"The startup culture of India is too much about showmanship," he said. "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.”

Meanwhile, with Goyal's exit, Shark Tank India has also announced its newest judge for season four -- Snapdeal co-founder Kunal Bahl.