Tiger Global fully exits Zomato

Tiger Global fully exits Zomato

Tiger Global has made a complete exit from Zomato after selling its remaining 1.44% stake at around Rs 1,124 crore or $136 million approximately.

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The US-based investment firm has sold 12,34,86,408 shares at Rs 91.01 per share, amounting to Rs 1,123.8 crore, according to bulk deal data extracted from the Bombay Stock Exchange (BSE).

Yuri Milner-owned DST Global (APOLETTO ASIA LTD) has also offloaded its 3,19,80,447 shares at an issue price of Rs 90.10, amounting to Rs 288 crore, according to a filing with the National Stock Exchange.

Morgan Stanley, ICICI Prudential, Axis Mutual fund, Founder Collective Fund, Societe Generale, and SBI Life Insurance were some notable investors who collectively bought  3,19,80,447 shares at a price of Rs 90.10 amounting to Rs 288.1 crore.

Tiger Global made its initial investment in Zomato in 2020 but it also owned a stake in BlinkIt which converted into Zomato’s equity after its (BlinkIt) acquisition by the food delivery major.

This is the third Indian company from which Tiger Global has made a 100% exit. Last month, the VC sold its remaining stake in Flipkart to Walmart for $1.4 billion. In May, it sold its entire 23% stake in Freshworks.

Zomato turned profitable in the last quarter with a net profit of Rs 2 crore during the first quarter of FY24 ending June 2023. Its revenue from operations surged 17.5% to Rs 2,416 crore in Q1 FY24 from Rs 2,056 in Q4 FY23.

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