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Sequoia Capital Pares Stake In Zomato

Sekoya Capital India joined Jomado Limited by selling shares in the free market and joined Tiger Global, Uber and Moore Stratajik Ventures, who sold their shares in online food.

Seek, who for the first time invested in Joomado in 2013, sold 171 million shares or 2.01 % of shares between September 2021 and August, said the company formed a regulator. Sequoia offloaded 66 million shares of Zomato between September 6 and October 14, while the remaining 105 million shares were sold between July 27 and August 25.

As a result, Sequoia’s stake in Zomato fell from 6.41% to 4.4%. Sequoia also said it bought 45 million shares of Zomato on August 10 after it acquired e-commerce company Plinkit (formerly Grofers).

Sequoia was also an investor in Plinkit. Somato shares have fallen nearly 70% since the publication last year.

The stock fell 0.25% to Rs 61.9 on the BSE on Friday. Many investors have exited or reduced their stake in Zomato over the past few weeks following the 12-month pre-IPO (pre-IPO) shareholder lock-up period that ended on July 23.

On July 26, Moore Strategic Ventures sold its entire stake in Somato for Rs 187.1 crore. Moore sold his shares at Rs 44. On August 3, Zomato’s second largest shareholder, Uber, sold 7.78% of its stake through block deals for Rs 3,088 crore. The American travel company sold its stake to Fidelity and ICICI Prudential Life Insurance Co Ltd at Rs 50.44 each.

Tiger Global sold 184 million shares in the open market between July 25 and August 2. The investor currently holds a 2.77% stake in Zomato.

Shares of most publicly traded tech startups also took a hit amid a “financial winter” and widespread concern about their profitability and valuations. Zomato’s acquisition of Blinkit has also raised concerns about its profitability trajectory.

The company reported a net loss of Rs 2,000 crore for the June quarter. 359 crore to 186 crore. Consolidated income from operations rose 67% to Rs 1,413.9 crore from Rs 844.4 crore.

Eternal, Deepinder Goyal, MD & CEO After shareholders approved the acquisition of Blinkit last month, Zomato is moving to create a multi-board governance structure for its companies that work under the larger Eternal organization in the company’s Slack channel.

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An MBA in HR and Marketing from AIMS Institute (Bangalore University), He heads digital business he has a rich experience that he has garnered from his previous organisations Including leading Banks, NBFCs & Genpact India. He is a serial entrepreneur and the founder of Heavy Group of Companies.

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