Tiger Global cuts stake in Zomato a day after Uber offloaded entire share

Investor Tiger Global said on August 4 that it has sold 184,451,928 shares in Zomato. This comes after the one-year lock-in period for the food delivery aggregator ended on July 23. Additionally cab aggregator Uber also offloaded its entire share of 7.78 per cent in Zomato, marking its exit. 

Tiger Global had 5.11 per cent stake in Zomato with 403,328,300 shares, which has now been reduced to 2.77 per cent. 

Meanwhile, Uber on Wednesday, sold its shares to Fidelity and ICICI Prudential Life Insurance.

Uber sold 61.22 crore shares of Zomato at a price of Rs 50.44 per share.

Fidelity's emerging market fund bought 5.44 crore shares of Zomato today in the bulk deal at an average price of Rs 50.26. ICICI Prudential Life Insurance bought 4.5 crore shares at Rs 50.25 per share.

Uber had picked up the stake in Zomato after the latter acquired its local food business Uber Eats in an all-stock deal in 2020.

Shares of Zomato climbed on Thursday, with the stock rebounding and climbing 2.26 per cent, at Rs 56.65, in the afternoon trade after slipping 1.62 per cent amid a volatile session. It touched an intraday high of Rs 57.45, climbing as much as 3.7 per cent in early deals. 

Also read: Uber exits Zomato by selling entire 7.8% stake, Fidelity, ICICI Prudential buy stakes