NEWS

Tiger Global completely leaves Zomato

By VARINDIA - 2023-08-30

Tiger Global has completely exits from Zomato after selling its final 1.44% stake for approximately $136 million, or around Rs 1,124 crore. According to bulk trade data taken from the Bombay Stock Exchange (BSE), the US-based investment business sold 12,34,86,408 shares for Rs 91.01 each, totaling Rs 1,123.8 crore. The US-based venture capital fund offloaded 123,486,408 equity shares or 1.44% at an average price of ₹91.01 per share. As on June 30, Internet Fund III Pte Ltd held 1.44% in Zomato Ltd.

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.