Softbank Vision Growth Fund sells 1.17% stake in Zomato for ₹947 crore deal: Report
₹947 crore ($114.7 million), news agency Reuters quoted exchange data. Part of Japan's SoftBank Group, the venture capital sold 100 million shares at 94.7 rupees apiece in bulk deals, the report added. According to the data from the National Stock Exchange, the firms who bought Zomato shares include International Monetary Fund, Morgan Stanley Asia Singapore, Societe Generale, Goldman Sachs (Singapore), Invesco Mutual Fund and Kotak Mahindra Life Insurance.
ALSO READ: Softbank Vision Growth Fund offloads 10 crore shares of Zomato via block deal: Report Prior to the sale, SoftBank, an investor in Blinkit, owned a 3.35 percent stake in Zomato, which it was issued during Zomato's acquisition of quick grocery-delivery startup Blinkit last year. With the latest development, Softbank has joined investors who have partially or fully exited the company. This also includes U.S.-based private equity firm Tiger Global that sold its remaining holding for ₹1,124 crore ($136 million) on 28 August, , according to stock exchange data.
Post the acquisition of Blinkit, all three investors – Softbank, Tiger Global and Sequoia – received shares in Zomato. Zomato reported a net profit of ₹2 crore against a loss of ₹186 crore on a year-on-year basis. The revenue of the firm was up at ₹2,416 cr vs ₹1,414 crore year-on-year.
The consolidated revenue from operations in the first quarter of the current fiscal was at ₹2,416 crore as against ₹1,414 crore in the year-ago period, it added. Zomato shares, which have gained more than 68 percent so far in 2023, closed up 5.4 percent on Wednesday. With agency inputs.
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