Business

Zomato Sees Massive Block Deal Amid Surge In Profits & Growth

On Tuesday, the online food delivery titan Zomato witnessed a substantial block deal involving 21 crore shares, equivalent to approximately 2.4% of the company’s equity.

The transaction, valued at an impressive Rs 5,438.5 crore, executed at an average price of Rs 258 per share.

The deal, likely orchestrated by Antfin Singapore, had a noticeable impact on Zomato’s stock, which was marginally down to Rs 259.58 per share in the morning trading session following the transaction.

Antfin Singapore Holding, which previously owned a 4.24% stake in Zomato valued at nearly Rs 10,000 crore, has now triggered a 90-day lock-in period before it can engage in further equity sales.

Reports had earlier suggested that Antfin was preparing to divest 1.54% of its shares, valued at approximately $408 million.

The block deal comes on the heels of a strong performance by Zomato.

The company’s shares surged 12% following its Q1 financial results, which showcased a remarkable growth trajectory.

For the April-June quarter (Q1 FY25), Zomato reported a net profit of Rs 253 crore a staggering 126-fold increase from Rs 2 crore in the same period last year.

Revenue for the quarter soared 74% year-on-year, reaching Rs 4,206 crore.

Additionally, Zomato’s gross order value (GOV) increased by 27% to Rs 9,264 crore.

In a parallel development, Blinkit, Zomato’s quick commerce arm, also reported impressive growth.

Blinkit’s GOV leaped 130% to Rs 4,923 crore compared to the previous year.

Looking ahead, Zomato is on track to expand its Blinkit network, aiming to reach 1,000 stores by March 2025 and 2,000 stores by the end of 2026, with a focus on profitability and expanding in the top 10 cities.

Also Read: Finance Minister Urges Banks To Boost Deposit Growth To Match Rising Credit Demand

Mankrit Kaur

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