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HomeTechTiger Global sells over 18 crore shares of Zomato

Tiger Global sells over 18 crore shares of Zomato

NEW DELHI: US hedge fund Tiger Global has reduced its shareholding in by selling 2.34 per cent stake or 18.44 crore shares in a series of bulk deals between July 25 and August 2.

Before the sale, Tiger Global’s Internet Fund VI held 5.11 per cent stake in the foodtech company and now the stake has been reduced to 2.77 per cent.

The sale was done in a series of open market deals after the mandatory one-year lock-in period for pre-IPO investors ended last week.

Besides Tiger Global, a number of other pre-IPO investors have been exiting the stock since then. Yesterday, Uber Technologies sold its entire 7.78 per cent stake in the company at an average price of Rs 50.44 per share.

On the other hand, a clutch of institutional investors like Fidelity, ICICI Prudential Life Insurance and Franklin Templeton have been lapping up the stock.

Shares of Zomato, which has fallen over 66 per cent from their 52-week high of Rs 169, were trading 2 per cent higher on Thursday at Rs 56.50.

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Despite the massive wealth erosion, Zomato Co-Founder & CEO Deepinder Goyal has tried to maintain calm in media interviews by saying that he checks share price only when somebody asks him to do so.

“There is nothing we can do by reacting to this. We just have to continue doing our job,” Goyal told ET Now on Wednesday when asked to comment on Uber’s exit.

The company reported Rs 185.7 crore in consolidated loss for the quarter ended June 30, compared to a loss of Rs 359.7 crore in the previous quarter. The consolidated revenue saw 67 per cent YoY increase at Rs 1,413.9 crore from Rs 844.4 crore in the same quarter last year.

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