Chinese payments firm Alipay sold its stake in Zomato for Rs 3,336Cr: Report
As per a report by The Economic Times, the company has offloaded its entire stake at about Rs 112.7 apiece. Bank of America and Morgan Stanley served as advisors to the deal.
Chinese payments firm Alipay has sold 3.5% stake in food delivery platformfor Rs 3,336 crore.
As per a report by The Economic Times, the company has offloaded its entire stake at about Rs 112.7 apiece.
Bank of America and Morgan Stanley served as advisors to the deal.
YourStory was unable to independently verify this report. Among the buyers in the deal were marquee funds including Goldman Sachs, Fidelity Investments, Morgan Stanley, Vanguard, Societe Generale, ADIA.
In the quarter ended June, Zomato posted a profit of Rs 2 crore, much ahead of its previous forecast. Several industry insiders commented that the positive fallout from this would be much wider.
The Deepinder Goyal-led company saw a marginal increase in food delivery gross order value at Rs 7,318 crore, driven by robust growth in the number of orders and a modest uptick in average order value.
Last month, the Gurugram-based company ventured into the logistics space with the launch of Zomato Xtreme, which will allow merchants to send packages starting at Rs 35. The company rolled out a separate app for the offering, which is currently available only on Android devices.
The move indicates Zomato's intention to diversify its revenue streams beyond food and grocery delivery (through Blinkit). While food delivery remains its biggest business, its alternative verticals, including Hyperpure and dining, could help the company optimise costs by making use of its delivery partners network.
(The copy was updated to reflect the latest development in the story.)
Edited by Swetha Kannan