Antifin’s participation in Zomato:Antfin Singapore, a subsidiary of China’s Alibaba Group, has sold shares worth Rs 47.72 billion (about $570 million) in the Indian food and grocery delivery platform. Zomato on Tuesday, nearly halving its stake to 2.2 percent, according to exchange data.
As of June 30, Antfin held a 4.3 percent stake in ZomatoThe shares were sold in two separate block deals at prices of Rs 257.46 and Rs 257.17 per share, both below the day’s closing price of Rs 263.12.
This is Antfin’s second major divestment in Zomato This year, it sold a 2.1 percent stake in March following heightened tensions between Beijing and New Delhi that have led to increased scrutiny of Chinese companies and investments in India.
In early 2023, China-based Ant Group’s Alipay also offloaded its entire 3.44 percent stake in Zomato.
Investor interest in app-based delivery companies like Zomato and his IPOCompetitor Swiggy is growing as more urban Indians turn to online platforms to buy groceries and household items.
ZomatoShares of ‘s, which have more than doubled in value this year, closed up 0.4 percent on Tuesday.
(With contributions from Reuters)
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.