Ant Financial to make ₹18,000+ crore profit on Zomato investment
Ant Financial (part of Alibaba) is cashing out its last chunk of shares in Eternal—the company behind Zomato and Blinkit—for about ₹5,370 crore.
With this move, Ant turns its original ₹3,246 crore investment (from 2018-2020) into a whopping ₹18,000+ crore.
Not bad for a few years' work.
Slight discount to latest price
They're offloading roughly 1.9% of Eternal at a slight discount compared to the latest price.
This follows another big sale and comes as Eternal's market value sits at around $33 billion.
Revenue shot up by 70% this quarter
Even though profits dropped sharply this quarter (down to ₹25 crore), revenue actually shot up by 70% to over ₹7,100 crore.
Analysts like Jefferies are still optimistic and have upgraded the stock to 'Buy,' thanks to Blinkit's new business model and steady food delivery growth—even with tough competition swirling around.