Uber exits Zomato, sells 7.8% stake for ₹3,100 crore

MUMBAI: Global ride welcomes major Uber into its fold Uber BV, sold its entire 7.8% stake in the food delivery platform on Wednesday Zomato Through block deals on about Rs. 3,100 crore (about $392 million) for BSE.
An international fund management giant Loyalty and ICICI Prudential Life Insurance Uber bought the largest blocks of 61.2 crore shares uploaded, BSE data showed.
In 2020, Uber bought a stake in Zomato for $200 million. By selling the entire stake, the US company almost doubled its investment in about two years.

About 20 institutional investors took up Zomato shares on offer on Wednesday, market sources said.
BSE data shows that Fidelity averaged Rs. 50. bought 5. 4 crore shares at a price of 3. when ICICI Prudential Life Insurance Bought 4.5 crore shares at par price per share.
Soon after the execution of the block deal, Zomato’s stock fell over 9% on the BSE to Rs. 50. touched an intraday low of 3 but recovered most of the ground lost during Wednesday’s session to Rs. 55. Closed at 4, which was just 0 down. Its previous Rs. 55. 4% from the close of 6.
The block sale by Uber came within days of Zomato reporting better-than-expected quarterly results that showed a consolidated net loss of Rs 186 crore, down from the Rs. 360 crore was almost half of the net loss. Its consolidated revenue grew by 67% to Rs. 1,414 crores. Shares jumped nearly 20% on Tuesday following a smaller-than-expected net loss and stronger revenue.
According to sources, Bank of America Securities was the broker for the deal by the ride-hailing company.


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