Alibaba to sell Zomato shares worth $200 million

BENGALURU: Alibaba Group Holding Ltd plans to sell a stake of about 3% in Indian food delivery firm Zomato Ltd worth $200 million through a block deal, a media report said on Tuesday, citing sources.

The Chinese e-commerce giant, through its finance affiliate Ant Group, currently owns a 13.3% stake in Zomato, according to Refinitiv data.

Alibaba and Zomato did not immediately respond to requests for comment.

The block deal on Wednesday will likely be at a 5% to 6% discount to Zomato’s Tuesday close of 63.55 rupees, the report said in a tweet.

The development comes months after Uber Technologies sold its 7.8% stake in Zomato for $392 million via a block trade on local exchanges, the media had reported in August, citing sources.