Zomato share price: Sequoia offloads 2% stake in Zomato

American venture capital firm Sequoia has reduced its shareholding in food tech company to 4.4 per cent from 6.41 per cent earlier.

In a disclosure made before the stock exchanges, Zomato said Sequoia Capital India Growth Investment Holdings I and SCI Growth Investments II sold 171.9 crore shares or a 2.01 per cent stake held in the company.

The transaction was carried out through open market transactions in two tranches – Sep 6, 2021, to Oct 14, 2021, and Jun 27, 2022, to Aug 25, 2022.

After the sale, Sequoia held a 4.4 per cent stake in the new-age stock.

Although up 48 per cent in the last one-month period, Zomato shares have lost more than 56 per cent of their value year-to-date.

Earlier in the month, Uber Technologies had exited Zomato by selling its entire 7.78 per cent stake at an average price of Rs 50.44 per share.

Two institutional investors – Fidelity’s emerging market fund and had picked stakes following the exit.