SoftBank Vision Growth Fund has offloaded 10 crore shares of online food delivery platform Zomato through a block deal on Tuesday, August 29, according to a report by CNBC-TV18. The size of the deal is ₹940 crore, while shares were sold at ₹94 per share. Kotak Securities will be the broker to the deal.
SoftBank owns a 3.35 per cent stake in Zomato, which it was issued during Zomato's acquisition of quick grocery-delivery startup Blinkit last year, for selling its holding to the company. The lock-in period for investors after the Blinkit deal ended on August 25.
Tiger Global Management, another key foreign investor in Zomato, sold its entire shareholding of 1.44 per cent in the company for ₹1,123.85 crore, as per the bulk deals data available on stock exchanges BSE and NSE.
The shares were offloaded by Internet Fund III Pte Ltd, the venture capital fund managed by the US-based investment manager, via open market transactions.
Meanwhile, US-based private equity firm Tiger Global on Monday also sold its remaining stake in Zomato in a deal valued at ₹1,124 crore, according to stock exchange data.
The private equity firm sold 123.5 million shares at ₹91.01 per share through bulk deals, while Morgan Stanley Asia Singapore, Kotak Mahindra Mutual Fund, Societe Generale, BNP Paribas Arbitrage Fund were among buyers, as per BSE data.
Tiger Global first invested in Zomato in 2020, and it also got Zomato shares as a part of the Blinkit deal last year. The private equity firm previously cut its stake in Zomato in August 2022.
Zomato reported a net profit of ₹2 crore against a loss of ₹186 crore on a year-on-year basis. The revenue of the firm was up at ₹2,416 cr vs ₹1,414 crore year-on-year. The consolidated revenue from operations in the first quarter of the current fiscal was at ₹2,416 crore as against ₹1,414 crore in the year-ago period, it added.
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