Zomato shares slide 2% amid block deal; Antfin Singapore likely seller
As many as 20.14 crore shares, representing around 2.2% stake in the restaurant aggregator, were sold in the block deal at a floor price of ₹258 apiece.
As many as 20.14 crore shares, representing around 2.2% stake in the restaurant aggregator, were sold in the block deal at a floor price of ₹258 apiece.
Zomato posted profit for the third consecutive quarter in Q3 FY24, driven by topline growth and rise in GOV across its businesses.
Alipay Singapore Holding, an arm of Chinese e-commerce giant Alibaba’s affiliate Ant Group, is looking to sell its entire 3.44% stake in Zomato at a floor price of ₹111.28 apiece.
Zomato reported a consolidated net profit of ₹36 crore in Q2FY24, compared with profit of ₹2 crore in June quarter of FY24 and a loss of ₹251 crore in Q2FY23.
Softbank through its entity SVF Growth (Singapore) Pte looks to sell around 1.1% stake worth ₹1,000 crore in Zomato via the block deal route.
Zomato’s Q3 loss widened to ₹346.6 crore in Q3 FY23, against a loss of ₹63 crore in the year-ago period and ₹250.8 crore loss in Q2 FY23.
India has over 300 funded marketplaces. Over 15 million MSMEs could grow businesses online and create 7 million jobs by 2027.
Alibaba Group, which owns 13.3% stake in Zomato, reportedly sold shares worth $200 million in the company through a block deal today
Zomato share price has fallen 25% in the four sessions starting Monday after it announced the acquisition of instant grocery delivery firm Blinkit.
For a loss-making company, the startup’s valuation may seem high, but analysts see value for investors in the long term.