Tech

Uber says it’s looking to sell a 7.8% stake in Zomato in a $373 million block deal on August 3: Details


Uber is likely to sell a 7.8% stake in food delivery company Zomato through a $373 million (about Rs 2,900) block deal on Wednesday, according to a source familiar with the matter and a source familiar with the matter. documents reported by Reuters. The suggested size of $373 million (approximately Rs 2,900) is based on a lower price of Rs. 48 – Rs. The document shows 54 price ranges set for the block deal.

BofA Securities was the sole service provider for the deal.

On Monday, an internal company memo seen by Reuters disclosure that the Indian food delivery company, backed by China’s Ant Group, is considering reorganizing its management so that each of its individual businesses will have its own CEO, while the company mother will be renamed “Eternal”.

Zomato’s CEO Deepinder Goyal said in the memo that the company now runs not only the Zomato food delivery business, but also other large businesses.

Goyal says these include a proposal to buy grocery delivery startup Zomato Blinkitkitchen and food ingredient supply business Hyperpureand Feeding India, a non-profit company dedicated to reducing hunger in India’s poor communities.

“We’re transitioning from a company where I’m CEO to one where we’ll have multiple CEOs running each of our businesses … all operating as peers,” Goyal said. know in the memo.

Zomato’s stock fell to a record low last week as a year-long stock lockout period for promoters, employees and other investors expired.

Goyal also said in the memo that “Eternal,” the proposed name for the parent organization, will remain “the internal name for the time being.”

Zomato on Monday posted a smaller quarterly loss, thanks to an increase in orders for restaurant meals on its platform.

The company’s net loss is at Rs. 1.86 billion for the three months ended June 30, against a loss of Rs. 3.56 billion a year ago, the company said in a regulatory filing.

© Thomson Reuters 2022




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