Highlights

Block deal is said to happen at a discount of about 5-6%
Zomato's share price has dropped by more than 55% this year
Zomato raised ₹9,375 cr through an IPO on 23 July last year

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Alibaba to sell Zomato shares worth $200 million

Name: Alibaba to sell Zomato shares worth $200 million
Uploaded: 2022-11-30T08:47:47.000+05:30
Duration: T00M44S
Channel: Editorji News Desk
Description: Share price of Zomato has fallen more than 55% in 2022, even as the food giant witnessed sharp revenue growth in recent quarters

Share price of Zomato has fallen more than 55% in 2022, even as the food giant witnessed sharp revenue growth in recent quarters

Updated: Sep 02, 2022 10:53

Editorji News Desk

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Alibaba to sell Zomato shares worth $200 million

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.