On Tuesday, the online meal delivery service Zomato witnessed a block trade in which 21 crore shares, or around 2.4 per cent of the stock, valued at Rs 5,438.5 crore were exchanged. The block deal was completed at an average price of Rs 258 per share, most likely by Antfin Singapore. Following the block deal, Zomato’s stock saw a little decrease in morning trading, closing at Rs 259.58 per share.
At last, Antfin Singapore Holding owned 4.24 per cent of the food aggregator, which was estimated to be worth close to Rs 10,000 crore. Before Antfin could conduct another round of equity sales, a ninety-day lock-in period was reportedly also triggered by the stake sale. It was previously reported that Antfin intended to sell $408 million worth of 1.54% of Zomato’s shares.
The company’s impressive Q1 performance caused the share price of the food delivery business to rise by 12 per cent. In the April–June quarter (Q1 FY25), the company reported a net profit rise of almost 126 times, rising from Rs 2 crore in the corresponding quarter of the previous year to Rs 253 crore. In Q1 FY25, the Deepinder Goyal-led company recorded a 74% year-over-year increase in revenue, reaching Rs 4,206 crore.
During the first quarter of the 2024–25 fiscal year, Zomato’s gross order value (GOV) climbed by 27% to Rs 9,264 crore. In contrast, the gross order value (GOV) of fast commerce startup Blinkit increased by 130% to Rs 4,923 crore in comparison to the same period last year. The food delivery service intends to expand to 2,000 locations by the end of 2026 while continuing to be profitable, to reach 1,000 Blinkit locations by March 2025.
