Uber likely to sell 7.8% stake in Zomato: report

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Uber is likely to sell a 7.8% stake in food delivery company Zomato.

New Delhi:

Uber Technologies is the likely seller of a 7.8% stake in food delivery company Zomato that will be sold Wednesday through a $373 million block deal, according to a source with direct knowledge of the matter.

The size of the offer of 612 million shares worth $373 million is based on the lower end of a price range of 48-54 rupees set for the block deal, a term sheet seen by Reuters stated, adding that a discount of 2 .8% -13.6% would be until the last close.

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Zomato and Uber did not immediately respond to a request for comment. Shares in Zomato rose 20% on Tuesday to 55.55 rupees.

BofA Securities is the sole bookrunner for the deal. The term sheet did not name the potential seller.

On Monday, Zomato said it had registered more orders and narrowed its loss for the June quarter to 1.86 billion rupees ($23.67 million) from 3.56 billion rupees a year earlier.

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Uber on Tuesday reported a net loss of $2.6 billion for the second quarter of 2022, of which $1.7 billion was related to its equity investments, including its stake in Zomato.

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