SoftBank Vision Fund has sold a 1.17% stake in Indian food delivery firm Zomato for US$144.5 million. The sale, which was conducted in bulk deals, saw the venture capital fund offload 100 million shares at 94.7 rupees (US$1.15) apiece.
The buyers of the Zomato shares included the International Monetary Fund, Morgan Stanley Asia Singapore, Societe Generale, Goldman Sachs (Singapore), Invesco Mutual Fund, and Kotak Mahindra Life Insurance.
SoftBank acquired the Zomato shares as part of the Indian food delivery firm’s acquisition of quick grocery-delivery startup Blinkit last year. Prior to the sale, the fund owned a 3.35% stake in Zomato.
The sale by SoftBank comes after a number of other investors have partially or fully exited Zomato in recent months. In July, US-based private equity firm Tiger Global sold its remaining holding in the company for US$136 million.
Zomato is one of the leading food delivery platforms in India which is growing rapidly. The company’s shares have risen by more than 50% in the past year. Recently the company turned profitable, booking a profit of US$242 thousand last quarter.