Tiger sells 2.34%, about 184 mn stake of Zomato

American investment firm Tiger Global has shared about 2.34 per cent of its share in Zomato.

This is almost half of its stake in Gurgaon-based food delivery company, joining investors such as Uber Inc. and Moore Strategic Ventures, who have either exited or pared their stakes after a year-long lock-in for some shareholders ended on 23 July.

Tiger has sold 184 million shares of Zomato between 25 July and 2 August in the open market, as per a BSE filing on Thursday.

After the sale, Tiger Global now holds a 2.77% stake in the company, the filing shows.

While the filing did not disclose the sale proceeds that Tiger received, based on Zomato’s average closing stock price of ₹46.8 apiece between 25 July and 2 August, Tiger Global is likely to have sold shares worth ₹863.2 crore, or approximately $109 million.

The food aggregator has seen a wave of selling by pre-IPO investors after the 12-month lock-in period ended last month. On 3 August, Uber, the second biggest shareholder of Zomato, sold its entire 7.78 per cent stake through block deals for ₹3,087.9 crore. The US ride-sharing firm sold its shares at a price of ₹50.44 to Fidelity and ICICI Prudential Life Insurance Co. Ltd.

On 26 July, Moore Strategic Ventures Llp sold its entire Zomato stake for ₹187.1 crore. Moore sold its shares at ₹44 apiece.