Tiger Global sells entire 1.4% stake in Zomato for Rs 1,124 cr

Tiger Global's Internet Fund III Pte sold entire 1.4% stake in food delivery platform Zomato through open market transactions on Monday.

It sold the 1.4% stake it got as a result of the Blinkit merger for $136 million. The lock-in expiry for those shares was Monday.

The New York-based firm sold 12.35 crore shares at Rs 91.01 apiece to raise about Rs 1,124 crore.

Tiger had invested $111 million in Blinkit, which represents 22% profit.

Morgan Stanley Asia Singapore, Kotak Mahindra Mutual Fund, Societe Generale, BNP Paribas Arbitrage Fund were among buyers, as per BSE data.

On Monday, Zomato's scrip on BSE closed trading 1.5% higher at Rs 92.35.

Tiger Global first invested in Zomato in 2020, and it also got Zomato shares as a part of the Indian food delivery firm's acquisition of quick grocery-delivery startup Blinkit last year.

The private equity firm previously cut its stake in Zomato in August 2022.

Earlier this month, Zomato posted its first-ever profit, helped by a tax gain and strong orders in its food and grocery delivery businesses.