Sequoia Capital India has pared its stake in Zomato Ltd by selling shares in the open market, joining Tiger Global, Uber and Moore Strategic Ventures among investors who have either fully or partially sold their holdings in the online food delivery aggregator in recent weeks.
Sequioa, which first invested in Zomato in 2013, sold 171 million shares, or 2.01% stake, in the startup between September 2021 and this August, the venture capital firm said in a regulatory filing.
Sequoia offloaded 66 million shares in Zomato between 6 September and 14 October, it said, adding that the remaining 105 million shares were sold between 27 July and 25 August.
Consequently, Sequoia’s stake in Zomato has fallen to 4.4% from 6.41%, it said.
Sequoia also that it received 45 million incremental equity shares of Zomato on 10 August following the latter’s acquisition of quick commerce firm Blinkit (formerly Grofers).
Sequoia was also an investor in Blinkit.
Shares of Zomato have corrected nearly 70% from the highs seen soon after its blockbuster listing last year.
On Friday, the stock closed 0.25% lower at ₹61.9 apiece on the BSE.
Several investors have either exited or pared their holdings in Zomato in the past few weeks, after a 12-month lock-in period for pre-initial public offering (pre-IPO) shareholders ended on 23 July.