Alipay Singapore Holding, part of the Alibaba Group, has sold its entire 3.44% stake in Indian food delivery giant Zomato, marking its complete exit from the company.
The sale, which was conducted through open market transactions, amounted to Rs 3,337 crore (approximately $395 million).
The transaction involved selling over 29.60 crore shares in 31 tranches on the BSE at an average price of Rs 112.7 each to key buyers like ICICI Prudential Life Insurance, Max Life Insurance, and Morgan Stanley.
Despite this exit, Alibaba Group retains a stake in Zomato through Antfin Singapore Holding Pte Ltd, owning 6.39% at the end of the September 2023 quarter.
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