Tiger Global, a US-based investment company, concluded its exit from the online food delivery service Zomato on Monday (August 28) by selling all of its shares for a total of Rs 1,123.85 crore ($136 million) through its venture capital fund Internet Fund III Pte Ltd, CNBC TV18 reported.

Tiger Global exited Zomato by selling about 12.35 crore of its shares, realising a transaction value of Rs. 1,124 crore ($136 million) at an average share price of Rs. 91.01 ($1). Tiger Global’s investment relationship with Zomato, a significant participant in India’s food delivery and restaurant discovery markets, came to an end with this transaction.

The sale of Tiger Global’s 1.44 per cent equity ownership in Zomato demonstrates the investment company's strategic choice to make money off of its stake in the online meal delivery service. It’s important to note that Tiger Global had long been a substantial Zomato investment.

Along with Tiger Global, DST Global participated in the share sale through its investment vehicle Apolleto Asia Ltd, selling over 3.2 crore Zomato shares for Rs 288 crore ($34 million).

According to shareholding information with the Bombay Stock Exchange (BSE), Tiger Global owned a 1.44 per cent investment in Zomato at the end of the June quarter. Tiger Global sold more than 18.45 crore shares on the open market in August 2022, cutting its ownership in the business by nearly half to 2.77 per cent. Before the deal, Tiger Global’s Internet Fund VI Pte owned 5.11 per cent of the online food delivery service.

In the June quarter of this fiscal year, Zomato saw profits for the first time. The company’s food delivery margins increased to 13.6 per cent and operational improvement in the food division both contributed to the profitability.

When contrasted with a net loss of Rs 186 crore ($22 million) during the same period last year, the company’s combined net profit for the first quarter of this fiscal year was Rs 2 crore ($242,000). Comparing the same quarter of the previous fiscal year to the current one, the consolidated revenue from operations increased 71 per cent year over year to Rs 2,416 crore ($292 million) from Rs 1,414 crore ($171 million).

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Tiger Global, a US-based investment company, concluded its exit from the online food delivery service Zomato on Monday (August 28) by selling all of its shares for a total of Rs 1,123.

Tiger Global, a US-based investment company, concluded its exit from the online food delivery service Zomato on Monday (August 28) by selling all of its shares for a total of Rs 1,123.85 crore ($136 million) through its venture capital fund Internet Fund III Pte Ltd, CNBC TV18 reported. Tiger Global exited Zomato by selling about 12.35 crore of its shares, realising a transaction value of Rs. 1,124 crore ($136 million) at an average share price of Rs. 91.01 ($1). Tiger Global’s investment relationship with Zomato, a significant participant in India’s food delivery and restaurant discovery markets, came to an end with this transaction. The sale of Tiger Global’s 1.44 per cent equity ownership in Zomato demonstrates the investment company's strategic choice to make money off of its stake in the online meal delivery service. It’s important to note that Tiger Global had long been a substantial Zomato investment. Along with Tiger Global, DST Global participated in the share sale through its investment vehicle Apolleto Asia Ltd, selling over 3.2 crore Zomato shares for Rs 288 crore ($34 million). According to shareholding information with the Bombay Stock Exchange (BSE), Tiger Global owned a 1.44 per cent investment in Zomato at the end of the June quarter. Tiger Global sold more than 18.45 crore shares on the open market in August 2022, cutting its ownership in the business by nearly half to 2.77 per cent. Before the deal, Tiger Global’s Internet Fund VI Pte owned 5.11 per cent of the online food delivery service. In the June quarter of this fiscal year, Zomato saw profits for the first time. The company’s food delivery margins increased to 13.6 per cent and operational improvement in the food division both contributed to the profitability. When contrasted with a net loss of Rs 186 crore ($22 million) during the same period last year, the company’s combined net profit for the first quarter of this fiscal year was Rs 2 crore ($242,000). Comparing the same quarter of the previous fiscal year to the current one, the consolidated revenue from operations increased 71 per cent year over year to Rs 2,416 crore ($292 million) from Rs 1,414 crore ($171 million). WATCH WION LIVE HERE

Tiger Global disinvests its stake in Zomato, selling its shares for $136 million: Report

Walmart has bought out hedge fund Tiger Global’s stake for $1.4 billion in the Indian e-commerce company Flipkart, a Reuters report quoted a Wall Street Journal report as saying.

The report said that the deal has brought the e-commerce company’s valuation to $35 billion from about $38 billion, when the company sold its shares to Japan’s SoftBank, American retailer Walmart, and other investors in 2021.

Tiger Global had invested in Flipkart when Sachin and Binny Bansal launched it in 2007. Additionally, the report noted that Flipkart’s present CEO, Kalyan Krishnamurthy, had served as the mangling director at Tiger Global.&nbsp;&nbsp;

According to a letter sent to the investors, Tiger Global invested approximately $1.2 billion in Flipkart between 2010 and 2015, and has since earned $3.5 billion in profits.

In 2018, Walmart completed its $16-bilion acquisition of Flipkart, raising its total stakes to 77 per cent. &nbsp;

The private equity companies, Accel and Tiger Global, two of the company’s early backers, were reportedly in talks to sell their remaining ownership to Walmart earlier this year, according to a report by the Economic Times.

A Business Today report quoted Walmart's Chief Financial Officer, John David Rainey, as saying that Flipkart has the potential to turn into a $100 billion business due to its strong growth.&nbsp;

He added that Walmart’s ambition of tripling its gross merchandise volume (GMV) in the overseas markets to $200 billion within five years would not be possible without the success of Flipkart and PhonePe's payments business.

(With inputs from agencies)

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Walmart has bought out hedge fund Tiger Global’s stake for $1.4 billion in the Indian e-commerce company Flipkart, a Reuters report quoted a Wall Street Journal report as saying.

Walmart has bought out hedge fund Tiger Global’s stake for $1.4 billion in the Indian e-commerce company Flipkart, a Reuters report quoted a Wall Street Journal report as saying. The report said that the deal has brought the e-commerce company’s valuation to $35 billion from about $38 billion, when the company sold its shares to Japan’s SoftBank, American retailer Walmart, and other investors in 2021. Tiger Global had invested in Flipkart when Sachin and Binny Bansal launched it in 2007. Additionally, the report noted that Flipkart’s present CEO, Kalyan Krishnamurthy, had served as the mangling director at Tiger Global. According to a letter sent to the investors, Tiger Global invested approximately $1.2 billion in Flipkart between 2010 and 2015, and has since earned $3.5 billion in profits. In 2018, Walmart completed its $16-bilion acquisition of Flipkart, raising its total stakes to 77 per cent. The private equity companies, Accel and Tiger Global, two of the company’s early backers, were reportedly in talks to sell their remaining ownership to Walmart earlier this year, according to a report by the Economic Times. A Business Today report quoted Walmart's Chief Financial Officer, John David Rainey, as saying that Flipkart has the potential to turn into a $100 billion business due to its strong growth. He added that Walmart’s ambition of tripling its gross merchandise volume (GMV) in the overseas markets to $200 billion within five years would not be possible without the success of Flipkart and PhonePe's payments business. (With inputs from agencies) WATCH WION LIVE HERE

Walmart purchases Tiger Global's stake in Flipkart for $1.4 billion: Wall Street Journal

Walmart chief executive <a href="http://www.wionews.com/videos/indias-biggest-fdi-deal-is-the-walmart-flipkart-deal-134797">Doug McMillon is expected to </a>announce the purchase of majoritiy stake in India's e-commerce giant Flipkart paving the way for the biggest online retail deal in the country.

Reports say Walmart and Google parent Alphabet Inc is set to bag 75 per cent stake in Flipkart for $15 billion, setting the stage for a clash with Jeff Bezos-owned Amazon in India which is generally regarded as the No-2 e-commerce company in the country.

Amazon has already begun building up its war chest infusing fresh capital worth Rs 2,600 crore into its India unit, Amazon Seller Services.

The Flipkart Group includes fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart.

Flipkart which was being led by Sachin Bansal and Binny Bansal will see their company being led by the US retail giant Walmart. The deal is likely to value Flipkart at $20 billion. Reports say Flipkart's shareholders China’s Tencent Holdings, Tiger Global and Softbank will exit the company.

The company is also likely to inform the fate of the founders with reports indicating that &nbspSachin Bansal may sell his entire 5.5% stake in Flipkart to Walmart and exit the company.

Amazon has already begun building up its war chest infusing fresh capital worth Rs 2,600 crore into its India unit, Amazon Seller Services.

Walmart chief executive Doug McMillon is expected to announce the purchase of majoritiy stake in India's e-commerce giant Flipkart paving the way for the biggest online retail deal in the country. Reports say Walmart and Google parent Alphabet Inc is set to bag 75 per cent stake in Flipkart for $15 billion, setting the stage for a clash with Jeff Bezos-owned Amazon in India which is generally regarded as the No-2 e-commerce company in the country. Amazon has already begun building up its war chest infusing fresh capital worth Rs 2,600 crore into its India unit, Amazon Seller Services. The Flipkart Group includes fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart. Flipkart which was being led by Sachin Bansal and Binny Bansal will see their company being led by the US retail giant Walmart. The deal is likely to value Flipkart at $20 billion. Reports say Flipkart's shareholders China’s Tencent Holdings, Tiger Global and Softbank will exit the company. The company is also likely to inform the fate of the founders with reports indicating that &nbspSachin Bansal may sell his entire 5.5% stake in Flipkart to Walmart and exit the company.

Walmart may announce Flipkart deal today

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Tiger Global disinvests its stake in Zomato, selling its shares for $136 million: Report

Walmart purchases Tiger Global's stake in Flipkart for $1.4 billion: Wall Street Journal

Walmart may announce Flipkart deal today