Tiger Global sold its remaining 1.44% stake in Zomato for approximately $136 million, or approximately Rs 1,124 crore.
According to bulk deal information taken from the Bombay Stock Exchange (BSE), the US-based investment firm sold 12,34,86,408 shares at Rs 91.01 per share, totaling Rs 1,123.8 crore.
According to a National Stock Exchange filing, Yuri Milner-owned DST Global (APOLETTO ASIA LTD) has also sold its 3,19,80,447 shares for a total of Rs 288 crore at the issue price of Rs 90.10.
Morgan Stanley, ICICI Prudential, Axis Mutual Fund, Founder Collective Fund, Societe Generale, and SBI Life Insurance were some of the notable investors who collectively purchased 3,19,80,447 shares at a price of Rs 90.10 totalling Rs 288.1 crore.
Tiger Global made its initial investment in Zomato in 2020, but it also held a stake in BlinkIt, which after the latter’s (BlinkIt’s) acquisition by the major food delivery company converted into Zomato’s equity.
Tiger Global has completely exited from a third Indian company. The venture capital firm sold Walmart its final piece of Flipkart last month for $1.4 billion. It fully sold its 23% stake in Freshworks in May.
With a net profit of Rs 2 crore in the first quarter of the FY24 ending June 2023, Zomato achieved profitability in the previous quarter. From Rs 2,056 in Q4 FY23 to Rs 2,416 crore in Q1 FY24, its operational revenue increased 17.5%.
