App sale

Tiger Global sells 2.34% stake in Zomato and sells 185 million shares

Zomato said on Thursday that investment firm Tiger Global cut its stake in the company nearly in half to 2.77% by selling more than 18.45 crores of shares on the open market.

Tiger Global’s Internet fund VI Pte Ltd held a 5.11% stake in the online food delivery platform before the sale.

Between July 25 and August 2, 2022, the fund sold more than 18.45 crores of shares totaling 2.34% of the company’s equity on the open market, Zomato said in a regulatory filing.

After the sale, Internet Fund VI Pte Ltd holds a 2.77% stake in Zomato, he added.

On Wednesday, ride-sharing app Uber had offloaded 61.2 crore of Zomato shares for Rs 3,088 crore via an open market transaction.

The shares were sold at an average price of Rs 50.44 each, bringing the value of the transaction to Rs 3,087.93 crore.

Uber took over the stake in Zomato after the latter acquired its local food company UberEats in an all-stock deal in 2020.

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