Zomato’s Stakeholder Antfin Sells 18.5 Lakh Shares Of Zomato Worth INR 4,771 Cr

On Tuesday, August 20, Antfin Singapore Holding Pte Ltd. sold almost half of its shares in Zomato, a leading foodtech company, in two block sales totaling INR 4,771 Cr.

Antfin sold 18.54 lakh Zomato shares in two tranches, according to BSE records. Nineteen thousand shares were offloaded for INR 257.17 a share, while ninety-seven thousand shares were dumped at INR 257.46 each.

On Tuesday, the BSE saw the foodtech major’s stock conclude the day 0.27% higher at INR 263.

According to reports, Ant Group’s subsidiary Antfin Singapore is aiming to sell the foodtech giant’s shares, which are valued at $408 million (INR 3,422.84 Cr), amid Zomato’s market surge.

Antfin Singapore plans to sell 13.6 Cr shares, or 1.54% of the company, through a block deal on Tuesday, August 19, according to a report by CNBC-TV18.

The publication stated that the floor price for the block purchase has been set at INR 251.68 per share, which is 4% less than Zomato’s Monday closing price of INR 262.3, citing the documents it was able to acquire.

Related: Zomato’s Profit Up by 253Cr, Revenue Rises by 74%

At the end of 2024’s June quarter, Antfin Singapore Holding owned 37.38 Cr shares, or 4.3% of Zomato.

The Chinese investor would be selling it’s second stake of this kind this year. In bulk transactions totaling INR 2,827 Cr earlier in March, Antfin sold 9.7 Cr shares of Zomato.

Zomato’s improved financial performance has led to it reaching new highs on the stock exchanges, which coincides with the decision to sell the shares. Following a price target increase by international brokerage firm UBS to INR 320 from INR 260 earlier today, Zomato shares briefly touched INR 280 on the BSE.

In the first quarter of the current fiscal year, the Deepinder Goyal-led business announced a net profit of INR 253 Cr, which represents a multiplication of the INR 2 Cr net profit it achieved in its first profitable quarter in Q1 FY24.

From INR 2,416 Cr in the same period last year to INR 4,206 Cr in Q1 FY25, revenue from operations increased by 74%. In Q4 FY24, operating revenue increased by 18% from INR 3,562 Cr.

In an effort to boost revenue, Zomato also announced that it would introduce a new app called “District” for its expanding business.

Zomato recorded its fifth consecutive profitable quarter in the June quarter of 2024. Because of this, within the past 12 months, the startup’s share price has nearly tripled.