The online food delivery service, Zomato, witnessed a block deal of 21 crore shares worth nearly 2.4 per cent of its equity changing hands. This was reportedly by Antfin Singapore at an average price of Rs 258 per share for a total of Rs 5,438.5 crore.
The stock of Zomato was down after the deal and trading at Rs 259.58 per share during the morning session.
Earlier, Antfin Singapore Holding had held 4.24 per cent stake in Zomato that was valued around close to Rs 10,000 crore. The latest tranche of stake sale has triggered a 90-day lock-in period, barring Antfin from offloading another set of equities within that period.
It was earlier reported that Antfin was looking to offload 1.54% stake in Zomato, worth about $408 million.
Zomato's shares have jumped 12% following the strong Q1 numbers posted by the company. The company has posted a massive 126-time jump in net profit at Rs 253 crore for the three months ended June compared with Rs 2 crore in the same period last year.
Under the leadership of Deepinder Goyal, Zomato also posted a 74% year-on-year growth in revenue, achieving Rs 4,206 crore in Q1 FY25.
Gross order value for Zomato grew 27 per cent to Rs 9,264 crore in Q1 of the financial year 2024-25.
On the other hand, quick commerce company Blinkit reported a 130% increase in its gross order value to Rs 4,923 crore as compared to the same period last year.
It now plans to have a network of 1,000 stores by March 2025 and 2,000 stores by the end of 2026, all while keeping the business profitable. Most of the new store additions will be set up in top 10 cities for Zomato.
Read also | How to Use Technical Analysis in Forex Trading
Read also | India's Economy Shows Strong Performance, Says Gita Gopinath
