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Uber exits Zomato in $392-M deal; gets 2X return

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Ride-hailing firm Uber has exited publicly listed food delivery company Zomato with a 2x return on its indirect investment. Uber sold 61.2 crore shares via a bulk deal on the stock exchange, fetching INR 3,095 crore (about USD 392 million) at INR 50.44 per share. Uber's stake was bought by around 20 new investors, including Fidelity, Franklin Templeton and ICICI Prudential. Zomato's share price is 58% below its price at listing in July 2021. Uber's sale comes days after Moore Strategic Ventures sold 42.5 million shares in Zomato at INR 44 apiece.

From the Venture Intelligence M&A Deals Database: In Jan-2020, Zomato had acquired the Indian operations of Uber Eats, the food delivery business of Uber, for around $350 million in an all-stock transaction that gave Uber a 9.99% shareholding in Zomato.