By Chahat Gupta
Uber sold its 7.8% stake in Zomato for nearly $390 million through a block deal on stock exchanges. These were bought by several global VCs and firms. (Block deal refers to a single transaction of a minimum of 5 lakh shares or monetary value of 5 crores between two major players.) It is working alongside the Bank of America Securities to realize the deal.
Uber had previously reported a net loss of $2.6 billion for Q2, with a loss of $707 million on its Zomato investment. Uber acquired a 9.99% stake in Zomato in January 2020 by selling Uber Eats.
The food delivery firm also reported that it hopes to reach EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) break-even by Q4 of 2023. Simultaneously, Zomato cut its investment from $400 million to $320 million in Blinkit.