Naukri gets "Zomatoed!"

Yesterday, late evening, Info Edge or Naukri as it is listed on the BSE announced that it is divesting a small stake in Zomato.

Info Edge is the largest shareholder at 45% stake in Zomato and it plans to sell 6.66% for $50 million, either directly or through its wholly-owned subsidiary, Naukri Internet Services Pvt Ltd.

The stake is being sold to Ant Financial, Alibaba Group Holding’s payment affiliate.

Info Edge will hold a 30.91% stake in Zomato after the deal closes by April 15. This stake sale values food delivery firm Zomato at around $760 million.

Jack Ma owned Alibaba has said that it was looking at buying a 33% stake in Ant Financial in exchange for certain intellectual property rights owned by the ecommerce giant.

Currently, Naukri is the top gainer on the BSE, going up 7.5% to Rs.1431, not too far from its 52-week high of Rs.1457.50.