On Tuesday, a block purchase of Rs 5,438.5 crore, or 21 crore shares (or around 2.4% of the equity), was made for the online food delivery company Zomato.
The block deal was completed at an average price of Rs 258 per share, most likely by Antfin Singapore.
Following the block deal, Zomato’s stock saw a little decrease in morning trading, closing at Rs 259.58 per share.
At last, Antfin Singapore Holding had a 4.24 percent ownership stake in the food aggregator, which was worth around Rs 10,000 crore.
Before Antfin can conduct another round of equity sales, a ninety-day lock-in period was reportedly also triggered by the stake sale.
It was previously reported that Antfin intended to sell 1.54 percent of its $408 million worth of Zomato shares.
Following the firm’s impressive Q1 performance, the share price of the largest meal delivery company increased by 12%. From Rs 2 crore in net profit in the same period last year to Rs 253 crore in the April-June quarter (Q1 FY25), the company reported a jump in net profit of nearly 126 times.
In Q1 FY25, the Deepinder Goyal-led company announced sales growth of 74% (year over year) to Rs 4,206 crore.
In Q1 of the financial year 2024–25, Zomato’s gross order value (GOV) climbed by 27% to Rs 9,264 crore.
In the meantime, compared to the same period last year, the gross order value (GOV) of the fast commerce startup Blinkit increased by 130% to Rs 4,923 crore.
In order to stay viable, the meal delivery service wants to reach 1,000 Blinkit locations by March 2025 and 2,000 locations by the end of 2026. The top 10 cities will include the majority of these stores.
