VC firm Sequoia Capital India has sold 2% of its stake in Zomato, bringing down its holdings in the India-based food app to 4.4%, The Economic Times reported. Sequoia was one of the early backers of the listed company.
The sell-offs occurred in two phases: between September 6 and October 14 last year and between June 27 and August 25 this year. Sequoia sold 66 million shares in the latter period.
When Zomato went public in 2021 on the Bombay Stock Exchange and National Stock Exchange of India, the VC held 502.6 million equity shares or 6.41% of Zomato’s total share capital.
Uber and Tiger Global have also recently offloaded their shares in Zomato.
Recently, Zomato’s share value dipped to a low of 14% when the one-year lock-in period for its investors ended two months ago. This marks a 73% decline for Zomato from its peak value.
Editing by Samreen Ahmad and Arpit Nayak
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