News Update
SoftBank Reportedly Exploring Block Deals to Sell Zomato Shares
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ByStartupStory | August 25, 2023
According to CNBC-TV18, SoftBank is considering selling its Zomato shares through block deals as the 12-month lock-in period for investors following the Blinkit deal is set to end today. SoftBank, led by Masayoshi Son, acquired a 3.35% stake in Zomato as part of the merger arrangement, stemming from the VC firm’s previous investment in Blinkit. The Japanese investment company gained Zomato shares at a calculated value of Rs 70.76 per share. As stipulated in the agreement, SoftBank, Sequoia Capital, and Tiger Global were required to adhere to a mandatory lock-in period. The shares acquired from the deal will become tradable starting Monday, August 28.
Zomato’s unexpected profit of Rs 2 crore in the June quarter, surpassing earlier expectations, brought a positive boost to its investors and the stock market, as reported by YourStory. Operating revenue surged by 71% to Rs 2,416 crore from Rs 1,414 crore in the previous year, largely driven by significant growth in Hyperpure, the company’s restaurant supplies vertical.
Akshant Goyal, Zomato’s Chief Financial Officer, shared, “Realistically speaking, we were expecting to hit this milestone in the September quarter (Q2 FY24), and we were being conservative in our earlier guidance. However, some critical parts of the team across our businesses out-executed our expectations/plans, and some of our initiatives delivered better outcomes than we had expected.” Goyal expressed confidence that the company is poised to maintain profitability in the foreseeable future, projecting a year-on-year adjusted revenue growth of over 40% for the next several years.
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Clean-label food brand Anveshan has raised Rs 150 crore (nearly $16 million) in a Series B funding round led by Vertex Ventures Southeast Asia & India. The round also saw participation from International Finance Corporation (IFC), Swiggy co-founder Sri Harsha Majety, and existing investors including Wipro Consumer Care Ventures, Titan Capital Winners Fund, Force Ventures, and boAt co-founders Aman Gupta and Sameer Mehta. Entrackr had exclusively reported the development last week. According to Entrackr’s estimates, the funding valued the company at over $90 million. The fresh capital will be used to strengthen manufacturing capabilities, accelerate product development, expand offline distribution, and deepen its digital presence. The company also plans to invest in sourcing infrastructure, procurement systems, quality assurance, and testing capabilities while expanding partnerships with micro entrepreneurs and traditional producers. Founded in 2020 by Kuldeep Parewa, Akhil Kansal, and Aayushi Khandelwal, Anveshan sells minimally processed food products including A2 bilona ghee, cold-pressed oils, raw honey, atta, and other traditional nutrition-focused products. The startup operates through a network of rural producers and micro entrepreneurs across the country. Anveshan claims to be operating at an annual revenue run rate of Rs 280-300 crore and is targeting Rs 1,000 crore in revenue over the next 24-30 months. The company plans to expand its atta portfolio, strengthen its owned digital channels, scale offline distribution, and continue investing in product innovation. For the fiscal year ended March 2025, Anveshan reported a 64.6% increase in operating revenue to Rs 77.08 crore from Rs 46.84 crore in FY24. Its losses widened to Rs 11.88 crore in FY25 from Rs 5.74 crore in the previous fiscal year....
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