Uber Said to Be Looking to Sell 7.8 Percent Stake in Zomato: Details

Uber is more likely to promote a 7.8 % stake in meals supply agency Zomato by way of a $373 million (roughly Rs. 2,900 crore) block deal on Wednesday, in accordance with a supply acquainted with the matter and a doc seen by Reuters. The provide dimension of $373 million (roughly Rs. 2,900 crore) was primarily based on the decrease finish of a Rs. 48 – Rs. 54 value vary set for the block deal, the doc confirmed.

BofA Securities is the only real bookrunner for the deal.

On Monday, an inner firm memo seen by Reuters revealed that the Indian meals supply firm backed by China’s Ant Group, is contemplating reorganising its administration so that every of its particular person companies would have its personal CEO, whereas the mum or dad firm could be renamed “Eternal”.

Zomato’s CEO Deepinder Goyal within the memo acknowledged that the corporate was not solely operating the Zomato meals supply enterprise but additionally different massive companies.

Goyal stated these included Zomato’s proposed buy of grocery-delivery startup Blinkit, kitchen and meals substances provide enterprise Hyperpure, and Feeding India, a not-for-profit agency that goals to cut back starvation in India’s poor communities.

“We are transitioning from a company where I was the CEO to a place where we will have multiple CEOs running each of our businesses…all acting as peers to each other,” Goyal stated within the memo.

Zomato’s shares plunged to a file low final week as a one-year share lock-in interval for promoters, workers and different traders expired.

Goyal additionally stated within the memo that “Eternal”, the proposed identify for the mum or dad organisation, would stay an “internal name for now.”

Zomato on Monday posted a smaller quarterly loss, helped by a rise in orders for restaurant meals on its platform.

The firm’s internet loss stood at Rs. 1.86 billion for the three months ended June 30, in contrast with a lack of Rs. 3.56 billion a yr in the past, the corporate stated in a regulatory submitting.

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