The Indian venture capital company Sequoia Capital sold 2% of its Zomato stock, reducing its ownership to 4.4%, according to The Economic Times. Sequoia was one of the listed company’s early supporters.
The sell-offs took place in two stages, from June 27 to August 25 this year and from September 6 to October 14 last year. In the subsequent period, Sequoia sold 66 million shares.
The VC owned 502.6 million equity shares, or 6.41% of Zomato’s total share capital, at the time of its IPO on the Bombay Stock Exchange and National Stock Exchange of India in 2021.
Recently, Zomato shareholders Uber and Tiger Global also sold their shares.
When the one-year lock-in term for its investors expired two months ago, Zomato’s share value recently fell to a low of 14%. Zomato has dropped 73% from its highest value at this point.
