After Moore and Uber, Tiger Global sells over 18 Cr shares of Zomato

Zomato

Tiger Global, a US hedge fund, decreased its shareholding of Zomato by selling a total of 18.44 crore shares, or 2.34 per cent of the company, in a series of bulk transactions between July 25 and August 2.

The stake in the food tech company that Tiger Global’s Internet Fund VI had before the transaction has decreased to 2.77 per cent from 5.11 per cent.

The sale was completed in a series of open market transactions after the pre-IPO investors’ required one-year lock-in period ended last week.

Along with Tiger Global, several other pre-IPO investors have been selling their shares of the company ever since. At an average price of Rs 50.44 per share, Uber Technologies yesterday sold its whole 7.78% stake in the company.

Many institutional investors, including Fidelity, ICICI Prudential Life Insurance, and Franklin Templeton, have been snapping up the shares, on the other hand.

Zomato shares, which have lost about 66% of their value since hitting a 52-week high of Rs 169, were trading 2% higher on Thursday at Rs 56.50.

Zomato Co-Founder and CEO Deepinder Goyal have made an effort to remain calm in media interviews despite the significant wealth depreciation by claiming that he only examines share prices upon request.

“There is nothing we can do by reacting to this. We just have to continue doing our job,” Goyal told ET Now on Wednesday when asked to comment on Uber’s exit.

Additionally, in contrast to the previous quarter’s loss of Rs 359.7 crore, the company reported a consolidated loss of Rs 185.7 crore for the quarter that ended June 30.

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