From layoffs to exit of co-founder, food delivery platform Zomato has already been facing tough times. As this was not enough, Chinese e-commerce giant Alibaba Group plans to sell around 3 per cent stake in Zomato for $200 million in a block deal.
The block deal comes months after the one-year lock-in-period for pre-IPO shareholders of Zomato ended on 23 June , 2022.
According to reports, post the deal, Alibaba will continue to hold about 10% stake in the food delivery giant.
Zomato, which raised ₹9,375 crore through an IPO on 23 July last year, has fallen more than 55% in 2022, even as the food giant witnessed sharp revenue growth in recent quarters.