Deal Snapshot : Antfin’s Big Move

• Transaction Date: 7 August 2025

• Seller: Antfin Singapore Holding (Alibaba-backed)

• Stake Sold: ~2.2% equity in Zomato (Eternal)

• Deal Size: ₹4,096 crore via large block deal

• Buyer(s): Multiple institutional investors (undisclosed)

• Market Impact: Stock stable despite heavy volumes

Inside the Block Deal

Antfin Singapore Holding an offshore investment arm of Ant Group sold approximately 2.2% of its stake in Zomato through open market block deals, raising ₹4,096 crore. Shares were priced slightly below the prevailing market rate, a typical tactic to ensure full subscription in large-volume transactions.

Remarkably, Zomato’s stock price barely moved despite the sizable trade, suggesting strong institutional absorption and healthy market liquidity.

Why the Exit Matters

Antfin, wholly owned by Ant Group (the fintech giant behind Alipay), was once among Zomato’s earliest and most prominent foreign investors. Over the years, the firm has scaled down its Indian exposure including exits from Paytm and BigBasket as part of a broader portfolio realignment.

The drivers behind this retreat include:

• India’s stricter FDI norms for neighboring countries post-2020

• Geopolitical tensions influencing cross-border capital flows

• A shift in focus to core, policy-friendly markets

• Expiry of IPO-related lock-in periods for early investors

This latest stake sale nearly completes Antfin’s exit from Zomato, ending a long chapter of Alibaba-linked funding in India’s food-tech space.

Zomato’s Resilience in Focus

Zomato’s share price stability post-deal reflects growing investor confidence, driven by:

• Consecutive quarters of profitability after years of losses

• Strong growth in quick commerce (Blinkit) and core food delivery

• Rising participation from domestic mutual funds and global investors

• Proven leadership and operational efficiency

Market analysts see this as “supply overhang clearance,” where the departure of legacy foreign investors paves the way for new, long-term shareholders.

Alibaba’s Broader India Exit

The Zomato sale fits into Alibaba’s systematic withdrawal from India’s tech ecosystem. Since India tightened FDI rules in 2020, Alibaba and affiliates have reduced or exited stakes in:

• Paytm (via Antfin and Alibaba HK)

• BigBasket (sold to Tata Group)

• Snapdeal and other e-commerce ventures

This effectively closes Alibaba’s first major investment cycle in India’s consumer-tech space.

Bottom Line

Antfin’s ₹4,096 crore stake sale in Zomato is more than a single transaction — it’s a symbolic handover from early Chinese backers to a new wave of domestic and global investors. For Zomato, it’s a vote of confidence from the market, signaling that performance now matters more than pedigree.