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A 2% Stake in Zomato Sold by Sequoia
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A 2% Stake in Zomato Sold by Sequoia 

According to a filing made by Zomato with the exchange, Sequoia Capital has sold off 2% of its shares in the open market in order to reduce its overall stake in the company. Sequoia now has a 4.4% stake in Zomato as a result of this transaction. Zomato’s stock was trading at Rs 61.80 at 3:22 pm, a 0.5% decrease from the previous close.


A 2% Stake in Zomato Sold by Sequoia


Prior to the completion of this sale, Sequoia Capital had a stake in the company that accounted for 6.41 percent. According to a filing with the exchange, Sequoia Capital India Growth Investment Holdings sold a total of 6.67 crore shares between the dates of September 6 and October 14, 2021, and an additional 2.12 crore shares on the open market between the dates of June 27 and August 25, 2022.


In addition, on August 10th, Sequoia Capital India Investments IV received 45,153,346 additional equity shares as a result of the acquisition of the quick-commerce delivery platform Blinkit. These shares are locked in for a period of one year.


Since the beginning of this year, several private market investors, including Delivery Hero, Moore Strategic Ventures, and Tiger Global, have dumped their holdings in Zomato through open market sales or block deals as the company’s stock has taken a beating on the open market.


Friday’s closing price for Zomato stock was roughly Rs 61.85. The ride-hailing service Uber recently parted ways with its 7.8 percent stake in the food delivery service Zomato for more than $390 million.


Several global and Indian VCs have purchased Uber’s stake in the food delivery aggregator Zomato through a block deal on stock exchanges after the company reported a first-half loss of approximately $707 million on its investment in the company. At Rs 50.44 per share or 7.8 percent of the total outstanding shares, 612 million Zomato shares were purchased in a block deal. 


Zomato had previously told IANS,


“We are a public company and are not privy to what our shareholders are doing with our shares.”


From Rs 2,040 million (about $26 million) in January 2022 to Rs 929 million ($12 million) in July, the company claims that Blinkit’s monthly losses are decreasing.

Zomato paid Rs 4,447 crore (approximately $568 million) to acquire the 10-minute delivery platform.

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