Tigal Global sold 18 crore shares amid decline in Zomato’s stock
With the one-year lock-in period of major shareholders coming to an end, Zomato shares are under increasing selling pressure. Hedge fund company Tiger Global has sold 180 million shares of Zomato company within a week.
Before the end of the lock-in, Tiger Global Investment Vehicle Internet Fund held 5.11 per cent stake in the Zomato company, which has now come down to 2.77 per cent.
Tiger Global first invested in Zomato in September 2020. At the time, the food delivery company had raised $10.25 million in a funding hound led by Fage Fund, which valued Zomato at $3.4 billion.
The Zomato company raised $250 million led by Tiger Global at a valuation of $5.4 billion ahead of its IPO in February 2021.
Many big investors are selling Zometa shares fiercely and as a result the stock has lost over 50 percent so far this year. On Wednesday itself, cab service company Uber bought 7.78 percent stake or 61.21 crore shares of Zomato in a block deal for Rs. 3100 crores have been sold. So as per the stock market data, most of the shares sold by Uber are held by Fidelity Investment Trust Fidelity Series Emerging Markets Opportunities Fund for Rs. 50.26 bought 5.44 crore shares.