Temasek Holdings has bought a 1.14% stake in India’s Zomato, a day after Alipay Singapore Holding Pte offloaded 3.07% of its shares in the food delivery startup, according to data from the National Stock Exchange.

Camas Investments Pte Ltd, an arm of Singapore’s state-owned fund Temasek Holdings, bought 98 million shares of Zomato on Wednesday at Rs 62 apiece for over $74 million. Following the deal, Temasek’s stake in the company will increase to 4%.

On Wednesday, Alibaba group affiliate Alipay Singapore Holding Pte Ltd offloaded 262.87 million shares of Zomato for Rs 62.06 per share, the data showed. As of the quarter ended September, Alibaba through its affiliates, Antfin Singapore Holding and Alipay Singapore Holding, owned nearly a 13% stake in the company, according to media reports.

While Zomato’s shares debuted at a 53% premium to their IPO price last year, the scrip has lost about 61% of its value from an all-time peak of Rs 169.10 in November 2021 and is trading about 16% below the issue price of Rs 12 per share. The company’s shares were trading 2.5% higher at Rs. 66.80 in afternoon trading on Thursday.

In August, Tiger Global and Sequoia Capital India also divested parts of their pre-IPO shares in the Indian food delivery startup.

Zomato has been witnessing a series of high-profile exits lately. Last month, in the third high-profile exit, co-founder Mohit Gupta resigned after a four-and-half-year stint. His departure closely followed the resignations of Rahul Ganjoo, Zomato’s new initiatives head and former food delivery chief, and Siddharth Jhawar, the head of its Intercity Legends service.

Last month, Zomato reported a 42% smaller year-on-year net loss for the September quarter, as more people ordered from the platform. However, losses widened sequentially by nearly 35% during the quarter on the back of the Blinkit acquisition.

Food delivery platforms in India are increasingly jostling for space in a crowded market. For both Swiggy and Zomato, expansion is on the radar as they are experimenting in other areas, including grocery delivery.

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