Swiggy Sponsors Shark Tank, Ousts Zomato CEO

• Swiggy is set to sponsor Shark Tank India Season 4, ousting Zomato CEO Deepinder Goyal from the show.
• This move highlights the escalating rivalry between the two food delivery platforms.
• Swiggy's proposed ₹5,000 crore IPO includes a fresh issue of equity shares worth ₹3,750 crore and an OFS of 185,286,265 equity shares.
• Zomato's market capitalization stands at $25 billion, more than double of Swiggy's estimated $10 billion valuation.
• Swiggy reduced its losses by 43% in FY24, with revenue from operations marking a 36% growth.

Source: Mint