Zomato’s Deepinder Goyal transfers his Blinkit shares to Tiger Global
- ByStartupStory | February 5, 2022
Zomato Founder and Chief Executive Deepinder Goyal have transferred all his shares in Blinkit’s determine firm Grofers International to US investment company Tiger Global, according to regulatory documents.According to filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), Goyal transferred forty two,371 choice stocks to Tiger Global’s Internet Fund Ill. After the transfer, Tiger Global held 2.96 million stocks in Blinkit’s parent, with a total paid-up capital of $107.Fifty five million, the filings showed. The share transfer comes as Zomato is ramping up its investment in Blinkit (previously Grofers), after leaving behind its plans to go into the e-grocery phase for a second time since the pandemic hit.
Last year, Blinkit had signed a deal with Zomato and Tiger Global to raise $a hundred and twenty million as part of a clean infusion. Blinkit Co-founder Albinder Dhindsa later confirmed that the investment turned into a valuation of extra than $1 billion making the e-grocer the twenty fourth startup unicorn of 2021. A unicorn is a privately held startup with a valuation of $1 billion or more. Dhindsa had said then that the spherical turned into still no longer closed and that he expected to see greater investments.On December 10, startup investor Mohandas Pai raised concerns on Twitter round Goyal’s ‘warfare of hobby’ in having a private funding in Shiprocket, which Zomato later invested in.
To this, Goyal answered, “There turned into no struggle of hobby, to start with This personal funding changed into one of the key reasons we got toward Shiprocket (and its founders). That’s how we observed that there has been an ability to be long-term strategic in shape among the 2 groups.”He introduced, “Also, such matters (personal investments observed with the aid of Zomato stepping in) might preserve to occur by means of layout, while we preserve to make sure the very best tiers of disclosure and corporate governance at Zomato.”
In December, Goyal exited his personal investment in Shiprocket, in which Zomato had co-led a $185 million spherical. Zomato’s method for investing in startups mirrors that of its early-investor Info Edge. With its $1 billion corpus, Zomato has been making bets on businesses in ordering control, digital advertising and marketing, logistics, and health areas.In late January the enterprise invested in virtual marketing corporation Adonmo and meals ordering machine UrbanPiper.”Both UrbanPiper and Adonmo investments are synergistic to our center enterprise and will help accelerate the growth of these agencies in an effort to help in filling essential gaps in the food ordering and transport surroundings in India,” Zomato said in its BSE filing in January
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