China’s Ant Group has decided to sell its 2 per cent (17.64 crore shares) stake in India’s food delivery platform Zomato. This deal can be done for Rs 2800 crore. Ant Group will do this deal through its subsidiary Antfin Singapore Holdings Pte. The floor price for this bulk deal can be kept at Rs 159.4 per share. On Tuesday, Zomato shares closed at Rs 166.8.
You Can Get a 4% Discount For Bulk Deal.
CNBC Awaaz, quoting sources, has claimed that Ant Group can give a 4 per cent discount for this bulk deal. Shares of Zomato, which had touched a record high on Monday, closed down 1.8 per cent on Tuesday. Zomato is considered to be India’s most valuable new-age tech stock. The market cap of the company is estimated at Rs 1.4 lakh crore.
Zomato Got Strength From Blinkit
Zomato acquired quick commerce company Blinkit in 2022. It is estimated that Blinkit will become EBITDA-positive in the next financial year. Investors are confident that Blinkit can write a new growth story for Zomato. Only last month, Zomato registered a net profit of Rs 138 crore in the December quarterly report of the current financial year. The performance of the company’s quick commerce and core business was excellent. The company’s net loss in the same quarter of the last financial year was Rs 347 crore.
Quarterly Results Were Good
According to Zomato’s quarterly results, the company’s operations revenue was Rs 3288 crore. The revenue for the same period a year ago was Rs 1948 crore. The company’s total expenses were Rs 3383 crore. In the same period a year ago, this figure was Rs 2485 crore. Zomato MD and CEO Deepinder Goyal had said in a letter to investors that in the third quarter, food delivery gross order value growth on an annual basis has been 25 per cent.
