HomeNewsTiger Global exits Zomato, sells 12.24 Cr shares for INR 1,123 Cr...

Tiger Global exits Zomato, sells 12.24 Cr shares for INR 1,123 Cr in open market transaction

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Investment firm Tiger Global made its exit from the foodtech giant Zomato on Monday, selling 12.24 crore shares through open market transactions. This sale accounted for a 1.44% stake in the company.

According to BSE’s bulk deal data, the shares were sold by the firm’s Internet Fund III Pte Ltd in various tranches, with an average price of INR 91.01 crore. Altogether, Tiger Global divested the shares for a total of INR 1,123.84 crore.

The majority of the divested shares (3.84 crore) were acquired by the French banking giant Societe Generale. Other purchasers of the sold shares included Kotak’s midcap fund, Axis Mutual Fund, Morgan Stanley Asia Singapore, and BNP Paribas Arbitrage.

As of June 2023, Zomato’s shareholding data available through the exchanges indicated that Tiger Global’s Internet Fund III possessed a 1.44% ownership stake in the foodtech company.

In the meantime, the bulk selling did not impact Zomato’s shares, which concluded Monday’s trading session with a 1.53% increase, closing at INR 92.33 on the BSE.

Tiger Global’s share offloading occurred subsequent to the conclusion of the lock-in period for Blinkit investors. These investors had obtained Zomato shares subsequent to the acquisition of the quick commerce entity by Zomato the previous year. Alongside Tiger Global, international backers including SoftBank and Peak XV (formerly known as Sequoia India) were also subject to this lock-in period.

According to a report, SoftBank is also considering divesting its Zomato shares after the conclusion of the lock-in period.

Zomato has experienced a notable financial turnaround in recent quarters. During the first quarter (Q1) of the financial year 2023-24 (FY24), it reported a consolidated profit after tax (PAT) of INR 2 crore, in contrast to a net loss of INR 186 crore recorded in the corresponding period of the previous year.

Furthermore, the company has implemented various initiatives to enhance its financial performance. Just last week, SnackFax reported that Zomato raised the platform fee to INR 3 per order in certain Tier II cities, up from INR 2 per order.

Read More: Zomato extends platform fee to wider user base, implements INR 3 charge in select cities

The favorable financial figures have led to a significant surge in the company’s stock price compared to the lows of 2022. Zomato’s shares have gained 55.73% year to date.

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