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Tiger Global sells half of Zomato stake on the open market
August 04, 2022
This disclosure comes a day after Uber sold all of its 7.8% shareholding in the company. According to data from the Bombay Stock Exchange, some of this stake was picked up by Fidelitys’ Emerging Markets Fund and ICICI Prudential.
We have reached out to Zomato and Tiger Global for comment.
Zomato’s shares dipped on Wednesday after the news spread of Uber’s stake sell-off, but has mostly recovered since then. The company’s recent earnings report showed reduced losses and increased revenue, rallying its share price.
The company is also undergoing a restructuring under the new corporate name Eternal, where its B2B restaurant kitchen business, its instant grocery delivery service, and its nonprofit, will all be led by separate CEOs. Zomato had acquired Blinkit in an all-stock $568 million deal in June, at a steep discount.
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