Sequoia Capital India has sold a part of its pre-IPO shares in food tech platform Zomato in the open market, bringing down its stake in the company to 4.4%, Zomato said in a BSE filing.
Sequoia Capital India sold 67 million shares between September 6, 2021 and October 14, 2021 and 105 million shares between June 27, 2022 and August 25, 2022 through its two investment vehicles — Sequoia Capital India Growth Investment Holdings I and SCI Growth Investments II.
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According to the filing, Sequoia also received 45 million incremental equity shares of Zomato on August 10 on account of the acquisition of Blinkit by Zomato in a stock swap deal. These shares have a further lock-in period of one year from the date of allotment before they can be sold.
Zomato’s share price closed down 0.24% at Rs 61.90 on Friday.
Sequoia joins a growing list of investors who have been selling their stakes in Zomato. Earlier this month, hedge fund company Tiger Global had sold 180 million shares of Zomato in the week after the one-year lock-in period for pre-IPO investors ended on July 23. Prior to that cab aggregator Uber had also offloaded its entire 7.78% stake in Zomato, marking its exit from the company.
