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Softbank to cut stake in Zomato, plans full exit
Mint Mumbai
|October 20, 2023
Offer price at ₹109.4-111.65 per share; Zomato's price rose 80% in 1 year
Masayoshi Son-led SoftBank’s fund-SVF Growth (Singapore) Pte. Ltd will sell at least 1.1% stake in food-delivery and restaurant-discovery firm Zomato Ltd for around ₹1,020 crore on 20 October, as the Japanese fund plans a full exit from the food delivery business.
SoftBank’s stake sale decision in Zomato follows the latter’s dramatic rise in market price over the past year.
According to exchanges, over the past one year, Deepinder Goyal-founded Zomato’s price has gone up by 80% to ₹111.65 from ₹62.05.
The food delivery business has picked up momentum with the ongoing cricket World Cup and the ongoing festive season.
The Cricket World Cup 2023 may offer a boost to food aggregators’ delivery volumes, which may drive better growth rates over the medium term, according to market experts.
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