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.
With Covid-19 second wave leading to lockdowns across several Indian states, the delivery of essential goods was the need of the hour. And Dunzo emerged as one of the pre-eminent options.
With the pandemic raging and restaurants struggling with footfalls given social distancing fears, deep-pocketed Zomato and Swiggy have figured out ways to thrive in a pandemic.
