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SoftBank to sell $123Mn stake in Zomato

Oct 20, 2023

By: BlinkX Research Team

SoftBank's venture capital fund, SVF Growth, based in Singapore, is set to divest a 1.1% stake in the Indian food delivery giant Zomato, amounting to 10.24 billion rupees (approximately $123.24 million). The sale will occur at an offer price ranging between Rs 109.4 and Rs 111.65 per share, marking a 2% discount from its current market value at the lower end.

This move follows SoftBank's Vision Fund's earlier sale of a 1.17% stake in Zomato in August, valued at 9.47 billion rupees at 94.7 rupees per share in bulk transactions. Additionally, US-based private equity firm Tiger Global divested its remaining 11.24 billion rupees stake in the company in August, following a 2.34% reduction in stake the previous year.