The market value of Uber’s stake in the newly-listed company Zomato has surged to a whopping ₹9,000 crore ($1.2 billion) without investing a single penny in the food aggregator business.
Uber has never made any investment in Zomato. It’s 9.19% shareholding was a result of Zomato’s $350 million acquisition of UberEats India business back in 2020.
Hands down, Uber was the top gainer with Zomato’s listing due to these factors. In addition, it also got rid of a liability (Uber Eats India). Overall, the Uber Eats sell-off has made Uber over a billion dollars easily.
The market value of shares held by Info Edge, which is the largest stakeholder in the company, also surged to ₹15,000 crore. Meanwhile, Deepinder Goyal’s holdings have surged to more than ₹5,500 crore.
Zomato made a strong debut on the stock exchanges on Friday, July 23. The company’s shares opened at ₹116 on the national stock exchange (NSE), representing more than a 51% premium over the issue price of ₹76.
The company’s market cap breached ₹1 lakh crore at 10.16 a.m, only 16 minutes after listing.
SOURCE : BUSINESS INSIDER
