Sequoia Capital India has sold part of its pre-IPO stake in food technology platform Zomato on the open market, reducing its stake in the company to 4.4%, Zomato said in a BSE filing.
Sequoia Capital India sold 67 million shares between September 6, 2021 and October 14, 2021 and 105 million shares between June 27, 2022 and August 25, 2022 through its two investment vehicles – Sequoia Capital India Growth Investment Holdings I and SCI Growth investments II
With the new sale, Sequoia Capital India has so far sold 172 million shares of Zomato on the open market, reducing its stake to 4.4% from a previous 6.41%.
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According to the filing, on Aug. 10, Sequoia received an additional 45 million shares of Zomato in a stock swap deal due to Zomato’s acquisition of Blinkit. These shares are subject to an additional lock-up period of one year from the grant date before they can be sold.
Zomato’s share price closed up 0.24% at Rs.61.90 on Friday.
Sequoia joins a growing list of investors who have sold their stakes in Zomato. Earlier this month, hedge fund firm Tiger Global had sold 180 million shares of Zomato in the week after the end of the one-year lockup period for investors ahead of its July 23 IPO. Previously, taxi aggregator Uber also divested its entire 7.78% stake in Zomato, marking its exit from the company.
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