Japanese tech investor SoftBank’s SVF Growth is exploring the possibility of divesting another 1.1% stake in Zomato through a block deal worth $135 million.
According to several media sources, SVF Growth is anticipated to trade the shares at INR 120.5 each, representing a slight markdown compared to Zomato’s closing price of INR 121.8 on the BSE on Thursday (December 7).
At the end of the September 2023 quarter, SVF Growth (Singapore) Pte Ltd held a 2.17% stake in Zomato, comprising 18.71 crore shares. In October, the Japanese investor divested a 1.1% stake, equivalent to 9.36 crore shares, in the foodtech major.
Read More: SoftBank to divest 1.1% Zomato stake for INR 1,023 Crore
Should the stake sale occur, it would signify SoftBank’s complete withdrawal from Zomato.
It is noteworthy that SoftBank has been consistently reducing its stake in publicly traded Indian tech companies over the past several months. In August of this year, SVF Growth divested a 1.15% stake, equivalent to 10 crore shares, in Zomato, thereby reducing its ownership in the company to 2.17%.
Conversely, SoftBank’s SVF Doorbell (Cayman) recently sold 2.5% of its stake in the logistics unicorn Delhivery for nearly INR 740 crore. The Japanese company is actively seeking exits from other publicly listed Indian startups in its portfolio, such as Paytm and PB Fintech.
In the meantime, several other global investment firms, including Alipay and Alibaba from China, have been making efforts to divest from the publicly listed companies in their India portfolio.
Last week, Alipay completed its exit from Zomato by divesting its entire 3.44% stake in the company through various block deals, totaling INR 3,336.7 crore. Notably, these shares were acquired by investors such as Morgan Stanley and Fidelity Investment.
Read More: Alipay to sell its entire 3.44% stake in Zomato in a block deal worth $400 Million
In November, Warren Buffett-led Berkshire Hathaway exited Paytm by selling its entire 2.46% stake in the company for about INR 1,370.6 Cr.
