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Singapore state-owned investment company Tamesak through its wholly-owned subsidiary Camas Investments Pte his picked up stake in Zomato on Wednesday, November 30, 2022. On the same day, Alipay Singapore, an arm of chinese e-commerce giant Alibaba sold stake in online food delivery aggregator for 1,631 crore through an open market transaction.

Camas Investments Pte, an wholly-owned subsidiary of Singaporean sovereign wealth fund Temasek acquired 9.80 crore shares (constituting about 1.14% stake) of the company at an average price of 62, taking the transaction value to over 607 crore, as per the National Stock Exchange's (NSE) bulk deals data. Post the deal, the sovereign wealth fund's stake will increase to 4% in the company.

On the other hand, Alipay Singapore Holding Pte offloaded a total of 26,28,73,507 shares, amounting to 3.07% stake in the company. The shares were offloaded at an average price of 62.06 apiece, taking the transaction value to 1,631 crore. As of quarter ended September, Alibaba through its affiliates, Antfin Singapore Holding and Alipay Singapore Holding, owned nearly 13% stake in the company, data with the bourse showed.

The development comes months after Uber Technologies sold its 7.8% stake in Zomato for $392 million via a block trade in August this year, as per a report by Reuters.

For the quarter ended September 2022, Zomato reported narrowing of its consolidated net loss to 250.8 crore for the second quarter ended September 2022, as compared to 434.9 crore loss in the year-ago period. Adjusted core loss, excluding figures for its recently acquired quick-commerce business Blinkit, losses narrowed to 60 crore from 310 crore. The transaction with Blinkit closed on August 10, 2022 and hence the financials for Blinkit were consolidated from that date.

Meanwhile, its revenue from operations increased to 1,661.3 crore during the July-September quarter, as against 1,024.2 crore in the corresponding period of the previous financial year. Gross order value, or the total value of all food delivery orders placed online on Zomato's platform, jumped nearly 23%.

Shares of Zomato, that made market debut in July last year, are down over 47% since listing. The stock, which hit a high of 169 in November 2021, is currently hovering around 65 apiece.

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