New Delhi, Aug 26 : Top VC firm Sequoia Capital India has sold 17.2 crore shares of Zomato in two tranches in the market for sale which has reduced its stake in the food aggregator online to 4.4 percent from 6.41 percent.In a new report filed with the Bombay Stock Exchange (BSE), Zomato said Sequoia Capital India has sold 6.7 million shares in the September 6 to October 14 in 2021 timeframe and 10.5 crore shares in the period from June 27 and August 25 2022.
The sales of stock were made by Sequoia Capital India Growth Investment Holdings I and SCI Growth Investments II, according to Zomato.
Sequoia Capital India Investments IV also received 45,153 346 additional equity shares on August 10, due to the acquisition of the quick-commerce delivery platform Blinkit that also has a lock-in time of one year.
Sequoia Capital India joins a list of private market investors such as Delivery Hero, Moore Strategic Ventures, and Tiger Global, which have sold their shares in Zomato in the last months in or in the open market or in block transactions, while the food delivery service’s stock is battered.
The previous Friday Zomato shares ended the day at around 61.85.
In the last month, ride-hailing company Uber has sold its 7.8 percent stake worth more than $390 million in Zomato.
Uber has suffered a $707 million in losses in its Zomato investment in the first quarter of the year, has sold its stake in Zomato, a food delivery company, through a block sale on stock exchanges.The deal was bought by a variety of international and Indian Venture capitalists.
The Zomato block deal was concluded at a price of Rs 50.44 per share, which is equivalent to 612 million shares or 7.8 percent of the total shares outstanding.
In an announcement to IANS Zomato had stated that “We are an open company and therefore are not privy as to what our shareholders do with their stock”.
According to Blinkit Blinkit’s losses Blinkit are decreasing every month, from Rs 2,040 million (about $26 million) in January 2022 to 929 million rupees ($12 million) in July.
The 10-minute delivery service was purchased by Zomato at a cost of Rs 4,447 crore (about $568 million).
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