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Alibaba to sell shares worth $200 million in Zomato: Report

It has been reported that Ant Financial and Alipay will bring down their stake in the Deepinder Goyal-run food delivery unicorn Zomato to about 10 per cent from the current 13 per cent. Zomato has reportedly refused to comment when a news agency contacted them.

Reported By : IANS Edited By : India TV Tech Desk | Noida
Published on: November 30, 2022 17:03 IST
Alibaba
Image Source : INDIA TV Alibaba

Alibaba, a Chinese e-commerce giant is reportedly set to sell its shares worth 200 million USD to Zomato through a block deal, as the media reported.

According to CNBC Awaaz, citing sources, Ant Financial and Alipay would bring down their stake in the Deepinder Goyal-run food delivery unicorn to about 10 per cent from the current 13 per cent.

"The block deal is said to happen at a discount of about 5-6 per cent," said the report.

Zomato refused to comment when a news agency contacted them.

Zomato's share price has fallen by over 55 per cent this year, amid senior-level exits and job cuts.

In August this year, top VC firm Sequoia Capital India sold 17.2 crore shares of Zomato in two tranches in the open market, lowering its stake in the online food aggregator to 4.4 per cent from the earlier 6.41 per cent.

Sequoia Capital India joined a list of private market investors like Delivery Hero, Moore Strategic Ventures, and Tiger Global, which have sold their shares in Zomato in the past months, either in the open market or via block deals, as the online food delivery platform's stock gets hammered.

In the same month, ride-hailing platform Uber sold its 7.8 per cent stake worth over $390 million in Zomato.

In a statement to IANS, Zomato said, "We are a public company and are not privy to what our shareholders are doing with their shares."

Zomato stock on Tuesday closed 1.63 per cent down at Rs 63.35.

Zomato's consolidated net loss decreased to Rs 251 crore for the September quarter, against Rs 430 crore in a net loss in the same quarter last year.

 

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