SoftBank Vision Growth Fund Sells 1.17% Stake In Zomato for Rs 940 Cr
SoftBank Vision Growth Fund has reportedly offloaded 10 crore shares of Zomato, a food delivery aggregator, at a price of Rs 94 per share, as per a media report. This transaction accounted for 1.17 per cent of the equity and amounted to a total deal value of Rs 940 crore.
Just a day following Tiger Global's Internet Fund III Pte's move to sell its entire 1.4 per cent stake in Zomato through open market transactions, the New York-based firm divested the stake received from the Blinkit merger for USD 136 million. The shares in question, subject to a lock-in period, reached their expiry on Monday. Tiger Global successfully sold 12.35 crore shares at a price of Rs 91.01 each, raising approximately Rs 1,124 crore. This action resulted in a notable 22 per cent profit on the initial USD 111 million investment made by Tiger Global in Blinkit.
Tiger Global's involvement with Zomato began in 2020, with additional shares acquired as a result of Zomato's acquisition of the fast grocery delivery startup Blinkit last year. The private equity firm had previously reduced its stake in Zomato in August 2022.
In recent news, Zomato reported its first-ever profit earlier this month, driven by robust orders in both its food delivery and grocery delivery segments, alongside a tax gain.
Following these developments, Zomato's shares experienced a 2.51 per cent rise, closing at 94.65 on the Bombay Stock Exchange (BSE).
