Singapore state-owned investment company Temasek through its wholly-owned subsidiary Camas Investments Pte picked up a 1.1 percent stake in food delivery platform Zomato on Wednesday, November 30, 2022. The sovereign wealth fund acquired 9.8 crore shares of the company worth more than Rs 607 crore at an average price of Rs 62 apiece.
Post the transaction, Camas Investments Pte's stake in the company increased to four percent. The shares of Zomato rose as much as 2.1 percent in early trade on Thursday.
On the same day, Alipay Singapore, an arm of the Chinese e-commerce giant Alibaba sold stake in the online food delivery aggregator for Rs 1,631 crore through an open market transaction. Alipay offloaded as many as 26.28 crore shares, or 3.07 percent stake in Zomato, exchange data showed.
Early in the trade on Wednesday, 3.4 percent or nearly 27.4 crore shares of Zomato exchanged hands in the block deal window at an average selling price of Rs 64 per share. It was announced on Tuesday that Alibaba will sell three percent stake in the company worth $193 million.
Many large investors have pared stake in Zomato in recent times. In August this year, ride-hailing app Uber also exited from the company after selling its 7.8 percent stake. Others who have pared stake in the food-delivery service include Sequoia Capital India and Tiger Global Management.
Zomato narrowed its consolidated net loss compared to last year in September quarter. Revenue, however, increased to Rs 1,661.3 crore from Rs 1,024.2 crore in the year-ago period. Zomato's total expenses also rose to Rs 2,091.3 crore during the quarter under review, from Rs 1,601.5 crore a year ago.
Last week, the company's co-founder Mohit Gupta resigned from his position after a four-and-a-half-year stint with the company.
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