PE firm Tiger Global sells remaining stake in India’s Zomato in $136 million deal

BENGALURU (Reuters) – U.S.-based private equity firm Tiger Global on Monday sold its remaining stake in Indian food delivery firm Zomato in a deal valued at 11.24 billion rupees ($136.08 million), according to exchange data.

The private equity firm sold 123.5 million shares at 91.01 rupees per share through bulk deals, while Morgan Stanley Asia Singapore, Kotak Mahindra Mutual Fund, Societe Generale, BNP Paribas Arbitrage Fund were among buyers, as per BSE data.

Tiger Global first invested in Zomato in 2020, and it also got Zomato shares as a part of the Indian food delivery firm’s acquisition of quick grocery-delivery startup Blinkit last year.

The private equity firm previously cut its stake in Zomato in August 2022.

Earlier this month, Zomato posted its first-ever profit, helped by a tax gain and strong orders in its food and grocery delivery businesses.

Zomato shares, which have gained about 56% so far this year, closed up 1.5% on Monday.

($1 = 82.6000 Indian rupees)

(Reporting by Sethuraman NR and Nandan Mandayam in Bengaluru; Editing by Shounak Dasgupta)