China's Ant Group has made the decision to sell its 2 percent stake, consisting of 17.64 crore shares, in India's food delivery platform Zomato. The potential deal is valued at around Rs 2,800 crore, and the sale will be executed through Ant Group's subsidiary, Antfin singapore Holdings Pte. The floor price for this bulk deal is expected to be set at Rs 159.4 per share. As of Tuesday, zomato shares closed at Rs 166.8.
According to sources, Ant Group may offer a 4 percent discount for the bulk deal. Despite reaching a record high on Monday, zomato shares experienced a 1.8 percent decline on Tuesday. zomato is regarded as one of India's most valuable new-age tech stocks, with an estimated market cap of Rs 1.4 lakh crore.
Zomato strengthened its position through the acquisition of quick-commerce company Blinkit in 2022. It is anticipated that Blinkit will achieve EBITDA positivity in the next financial year, and investors are optimistic about the growth potential it brings to Zomato. In the recent quarterly report for the current financial year, zomato recorded a net profit of Rs 138 crore, a significant improvement from the net loss of Rs 347 crore in the same quarter of the previous financial year.
The company's quarterly results revealed impressive figures, with operational revenue reaching Rs 3,288 crore, compared to Rs 1,948 crore in the same period a year ago. Total expenses stood at Rs 3,383 crore, up from Rs 2,485 crore in the previous year. Zomato's MD and CEO, Deepinder Goyal, highlighted a 25 percent annual growth in the food delivery gross order value in the third quarter in a letter to investors.
