Tiger Global Cuts Its Stake by Almost Half In Zomato; Shares Trade Lower

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Last Updated: August 04, 2022, 12:18 IST

Tiger Global sold almost half its stake in Zomato

Tiger Global sold almost half its stake in Zomato

Tiger Global, a hedge fund company, has said that it has effectively sold 18 crore shares of online food delivery aggregator Zomato in the week

Shares of Zomato were trading lower on Thursday after Tiger Global, a hedge fund company, said that it had effectively sold 18 crore shares of online food delivery aggregator Zomato in the week after the one-year lock-in period for pre-IPO investors ended on July 23.

Tiger Global investment vehicle Internet Fund IV held a 5.11 per cent stake in Zomato before the lock-in ended. Its shareholding has now reduced to 2.77 per cent.

Yesterday, Uber Technologies sold its 7.8 per cent stake in food delivery aggregator Zomato via a big block deal on stock exchanges, a report said. The deal by Uber was executed at a value of $392 million, the report said.

As per a report by Reuters quoting two people familiar with the deal, the Zomato block deal was executed at 50.44 rupees per share. This comes a day after it was reported that ride-hailing firm Uber will sell its stake of at least 612 shares at Zomato.

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