Deepinder Goyal on Zomato's lowest moment: ‘When Swiggy raised $1 billion…’

Deepinder Goyal, Zomato's founder, reflected on a tough period when Swiggy raised $1 billion while Zomato had just $35 million.

Zomato founder Deepinder Goyal shared the only time he felt that his food delivery company was at the lowest. Reflecting on how it made him feel, Deepinder Goyal said that at that time Zomato's arch-rival Swiggy had raised $1 billion while his company had just $35 million in the bank. This happened in 20218 when Swiggy said that its latest round of funding led by Naspers was the "single largest in India's food technology sector to date".

Zomato founder Deepinder Goyal recalled the company's lowest moment when Swiggy raised $1 billion while Zomato had only $35 million in 2018. He also announced he won't return as a judge on Shark Tank India due to a sponsorship deal with Swiggy.

The company had then used the money to bring more quality food brands closer to consumers and address gaps in supply through delivery-only kitchens for restaurant partners.

Deepinder Goyal on Zomato's lowest point

Deepinder Goyal said, "The only one moment like 'Oh sh**, we're dead' was when Swiggy raised $1 billion and we had $35 million in the bank. That was bad."

No Shark Tank India this season, Deepinder Goyal shares

The Zomato CEO also shared that he could no longer return as a judge on popular reality show Shark Tank India for its fourth season owing to a sponsorship deal with Swiggy. Deepinder Goyal was a judge in the last season but owing to Shark Tank's deal with Swiggy- worth ₹25 crore- he won't be seen on the show now.

“The startup 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,” he said.