China’s Antfin Dumps Zomato Stake Again — Over $1.3 Billion Pulled Out in Just 12 Months! In what looks like a calculated and quiet exit strategy, Chinese investment
In what looks like a calculated and quiet exit strategy, Chinese investment giant Antfin, an Alibaba Group affiliate, has once again hit the sell button—offloading shares worth Rs 4,097 crore ($482 million) in a single day from Eternal Ltd., the parent company of Zomato.
The massive block deal, executed Thursday, involved the sale of 14.13 crore shares at Rs 289.91 each, sending ripples through the Indian stock market and startup ecosystem.
And if you’ve been tracking Antfin’s moves lately, this shouldn’t surprise you.
With this latest transaction, Antfin’s total sell-off in Eternal over the last year has crossed a jaw-dropping $1.3 billion. Let’s break it down:
Total: Over Rs 11,696 Cr ($1.37 Billion) pulled out of Zomato’s parent in under a year.
At one point, Antfin held 8.19% of Eternal, with a staggering 55 crore shares. After this latest sale, it may be down to just 0.52%—or possibly out entirely.
Despite the size of the deal, the buyers haven’t been disclosed yet. But if history is any guide, institutional giants are likely in the mix.
When Alipay (another Alibaba arm) exited Zomato in November 2023, the buyers included a who’s who of global finance:
Goldman Sachs, Morgan Stanley, Vanguard, Fidelity, SocGen, ADIA, and ICICI Prudential.
Could this be déjà vu?
Even as Antfin heads for the door, Eternal Ltd. (Zomato’s parent) is reporting some wild numbers.
Yes, revenue is skyrocketing—but profits are falling off a cliff. The market seems to be watching closely, with shares trading at Rs 300.7 apiece and a total market cap of Rs 2.9 lakh crore ($34B) as of 11:15 AM.
So while the top line is sizzling, margin pressure and costs may be eating into Zomato’s bottom line.
In another major move this week, Antfin (Netherlands) sold off its entire 5.84% stake in Paytm’s parent, One97 Communications, via a Rs 3,800 crore block deal.
First Paytm. Now Zomato. What’s next?
This aggressive selling streak suggests Antfin may be executing a broader India exit strategy, perhaps under regulatory, geopolitical, or capital reallocation pressure.
The Antfin-Zomato story is more than a single transaction. It’s a powerful signal about how foreign capital—especially Chinese capital—is retreating from Indian tech companies.
With Zomato sitting at the heart of India’s new-age digital economy, every major move like this sends shockwaves across the startup landscape.
Antfin didn’t just quietly trim its stake—it dumped over $1.3 billion worth of shares in just 12 months. That’s not portfolio rebalancing. That’s an exit.
Whether you see it as foreign capital retreating or Indian markets gaining independence, one thing’s certain:
Zomato just lost one of its biggest early believers.
