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SoftBank books profit on Blinkit through Zomato shares
The Arc Web
·
1y ago
Medial
Japan's SoftBank Vision Fund has fully exited its investment in food-delivery platform Zomato. SoftBank gained shares in Zomato through the merger with Blinkit, a rapid-grocery app, last year. The fund has sold Zomato shares for approximately $380 million over the past few months. Zomato's stock price has been on a rally following its listing on the stock exchange in 2021. SoftBank also backs Zomato's rival, Swiggy, with a $400 million investment and an ownership stake of about 8%. Swiggy is reportedly planning an IPO next year.
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SoftBank looking to sell stake in Zomato via block deal: Report
Economic Times
·
1y ago
Medial
SoftBank is reportedly expected to sell Zomato shares as the lock-in period following the Blinkit deal expires. About 51 lakh Zomato shares were traded in a block, causing a 2% drop in the stock price. SoftBank, Tiger Global, and Sequoia own a majority of these shares. Pre-IPO and ex-Blinkit shareholders are holding substantial unrealized gains, leading to predictions of a sizable portion of Zomato's stock becoming available for trade in the near future.
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Zomato shares dip 5% amid fundraise plans via QIP
Economic Times
·
9m ago
Medial
Shares of food delivery company Zomato fell by 5.4% to Rs 256 on the BSE after the announcement of a meeting to consider raising funds through the issuance of equity shares. Zomato reported a net profit of Rs 253 crore for Q1, a significant increase compared to the previous year. The company's revenue growth was driven by its quick-commerce vertical Blinkit and the business-to-business grocery supply unit Hyperpure. Zomato also launched a standalone app called District for its going-out business. Blinkit aims to have 2,000 dark stores by 2026.
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Zomato Shares Surge More Than 5% Amidst Reports of Block Deal Activity
Inc42
·
1y ago
Medial
After the lock-in period ended, Zomato's Blinkit deal shares were made available for trading. 18.4 crore shares were traded within INR 92.20 to INR 94.00. Investors like SoftBank, Tiger Global, and Peak XV were under the lock-in period. SoftBank holds a 3.55% stake, receiving shares from the Blinkit deal. Zomato shares rose over 5.5% to INR 96. The foodtech company achieved profitability in Q1 FY24. It expanded platform fees and increased charges to enhance profitability.
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Zomato Shares Jump Over 5% Amid Block Deal Buzz
Inc42
·
1y ago
Medial
Zomato shares saw a rally, hitting INR 99.50 per share on the BSE. Around 10 crore shares, equal to a 1.17% stake in the company, were traded in a block deal at an average floor price of INR 94.70 per share, totaling about INR 947 crore. Investment firm Tiger Global exited by selling 12.24 crore shares, worth INR 1,123.84 crore, while SoftBank was reportedly considering selling additional shares. Zomato posted a Q1 FY24 consolidated profit of INR 2 crore and expanded its platform fee to achieve profitability.
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SoftBank looks to book gains in Paytm, Zomato, may sell shares in open market
Money Control
·
2y ago
Medial
SoftBank is reportedly considering selling its shares in Indian companies Paytm and Zomato as their stock prices surge. The Japanese conglomerate is looking to capitalize on the market rally and book gains by offloading its stakes in these startups through open market transactions. SoftBank's move aligns with its strategy to monetize investments and unlock value from its portfolio companies. SoftBank is likely to sell shares in the two startups in smaller tranches in the open market, rather than through block deals, over the next few sessions, sources have said
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Zomato CEO Deepinder Goyal turns billionaire amid record share rally
YourStory
·
1y ago
Medial
Zomato CEO Deepinder Goyal has become a billionaire as the company's shares surged 4.75% to reach an all-time high of Rs 232 on the BSE. Goyal owns a 4.1% stake in Zomato. The food delivery platform recently raised its platform fee by 20% to Rs 6 per order to support expansion and improve profits. Zomato ended FY24 with a 71% YoY growth in revenue and a net profit of Rs 351 crore. Its quick commerce arm, Blinkit, has also become adjusted EBITDA-positive.
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Zomato Allots ESOPs After 2 Profitable Quarters
Inc42
·
1y ago
Medial
Zomato has allotted nearly 10.65 crore equity shares under multiple employee stock option plans (ESOPs). The majority of the shares were allotted under the 2021 ESOP plan, with 30.95 lakh shares being allotted under the 2018 and 2022 plans. This comes as Zomato reported its second consecutive profitable quarter, with a profit after tax of INR 36 crore in Q2 FY24. Zomato's operating income also saw significant growth, reaching INR 2,848 crore during the quarter. Additionally, the company's quick commerce arm, Blinkit, turned contribution positive for the first time since its acquisition in June 2022.
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Zomato’s D2C Race: Eyeing Blinkit Expansion To Take On Amazon, Flipkart
Inc42
·
1y ago
Medial
Zomato is planning to expand its quick commerce vertical, Blinkit, by adding more brands across new categories. In order to compete with e-commerce giants like Amazon and Flipkart, Zomato aims to build its own supply chain to directly source branded products and manage stock. The company has had conversations with individual brand owners and intends to deliver these products through Blinkit, without directly owning inventory. Blinkit's revenue in Q3 FY24 was INR 644 Cr, with an improved adjusted EBITDA loss of INR 89 Cr. Zomato also reported its third consecutive profitable quarter with a consolidated net profit of INR 138 Cr.
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Zomato Extends Gains: Shares Jump Over 6% To Touch Fresh 52-Week High
Inc42
·
1y ago
Medial
Shares of foodtech major Zomato jumped over 6% to touch a fresh 52-week high on the BSE following its strong Q3 FY24 earnings. The company reported its third straight profitable quarter, with consolidated profit after tax (PAT) nearly quadrupling to INR 138 crore. Zomato's quick commerce business, Blinkit, witnessed a strong growth momentum, contributing to its overall profitability. Various brokerages, including Jefferies, HSBC, and Kotak, have increased their price targets on Zomato, reflecting positive sentiment. The stock has already gained 25% year to date.
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SoftBank’s stake sale continues, offloads 1.14 Cr PB Fintech shares worth INR 914 Cr
Inc42
·
1y ago
Medial
SoftBank has sold 2.53% of its stake in PB Fintech through multiple block deals, totaling to INR 913.7 Cr. Following the sale, SoftBank is now expected to hold 83.23 Lakh shares in the company. The shares were purchased by Societe Generale, HDFC Mutual Fund, Goldman Sachs, ICICI Prudential Life Insurance, and others. This stake sale comes after SoftBank's recent offloading of shares in Zomato. PB Fintech has been witnessing improvements in its financials, with a significant decline in net loss and consecutive positive quarters of adjusted EBITDA.
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