Venture capital firm Sequoia Capital India has offloaded 17.2 crore shares in Zomato in two tranches in the open market and is now left with only a 4.4 percent stake in the food aggregator platform from an earlier 6.41 percent.
In a new filing with the Bombay Stock Exchange (BSE), Zomato said Sequoia Capital India sold 6.7 crore shares between September and 6-October 14, 2021 period, followed by 10.5 crore shares between June 27-August 25, 2022.
According to Zomato, the stock sales were carried out by Sequoia Capital India Growth Investment Holdings I and SCI Growth Investments II.
Sequoia Capital India Investments IV, on August 10, received 45,153,346 additional equity shares, all thanks to quick-commerce delivery platform Blinkit, which further has a lock-in period of one year.
Sequoia Capital India and other private investors, including Delivery Hero, Moore Strategic Ventures, and Tiger Global, dumped their shares in Zomato in recent months, either in the open market or via block deals, as a result of poor performance by the food aggregator stock on bourses.
On Friday, Zomato shares closed in red at Rs 61.85.
Uber Also Preferred To Dump Its Stake In Zomato:
Earlier in August, Mobility as a services provider– Uber sold its 7.8 percent stake worth over $390 million in Zomato.
Uber suffered a $707 million loss in its Zomato in the first half of this year, due to which it sold its stake in the food delivery aggregator via a block deal on stock exchanges.
The Zomato block deal happened at Rs 50.44 per share or $612 million.
In a statement to IANS, Zomato said, “We are a public company and are not privy to what our shareholders are doing with their shares”.