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.
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.