Tiger International is including one other good-looking exit to its listing of Indian startup exits. The agency wrapped up its newest exit in India this yr by promoting its remaining stake in Zomato for ₹1,123.85 crore via open market transactions. This exit marks the fruits of Tiger International’s funding journey with Zomato, one of many largest gamers in India’s meals supply and restaurant discovery house. This additionally comes quickly after SoftBank additionally offered shares in Zomato via block offers.
Tiger International’s exit from Zomato concerned the sale of roughly 12.35 crore shares, amounting to a 1.44% stake within the firm, through a bulk deal on the Bombay Inventory Trade (BSE). To be exact, Tiger International offloaded 123,486,408 fairness shares at a mean value of ₹91.01 per share. Regardless of this improvement, the inventory value of Zomato climbed by 1.5% to ₹92.35 on the shut of the buying and selling day.
A number of notable patrons participated within the share sale, buying the offloaded shares of Zomato. Societe Generale, Kotak, Axis Mutual Funds, Morgan Stanley Asia Singapore, and BNP Paribas Arbitrage had been among the many entities that acquired shares on this transaction. The divestment of the whole thing of its stake thus marks the conclusion of Tiger International’s funding relationship with the Indian meals supply aggregator.
Moreover, DST International adopted Tiger’s instance by divesting round 3.2 crore shares in Zomato for ₹288 crore (through its funding automobile Apolleto Asia Ltd). These shares had been offered at a mean value of ₹90.10 per share.
The exit of Tiger International from Zomato comes at a time when Zomato has skilled its greatest quarter in its quick public itemizing historical past. For the primary time, the Indian agency registered a consolidated internet revenue of ₹2 crore within the first quarter of the fiscal yr 2023-24. This dramatic shift from a internet lack of ₹186 crore throughout the identical interval the earlier yr additional highlights the optimistic influence of operational enhancements within the firm’s meals enterprise, even at a time when the funding crunch and growing investor warning have inconvenienced many a startup. Notably, the corporate’s meals supply margins escalated to 13.6%, contributing considerably to its profitability.