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Ant Group to exit Eternal, sell shares worth $612mn

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MUMBAI: China’s Ant Group will exit Eternal (formerly Zomato) by selling its remaining 1.9% stake worth Rs 5,370 crore ($612 million) through one or more block deals on Thursday, term sheet of the deal showed. This will be the second startup exit for the Chinese firm this week after Paytm. Ant Group, an affiliate of Chinese tech giant Alibaba Group, had first invested in Eternal in early 2018.Ant Group, through Antfin Singapore Holding, will offload 18.8 crore shares at a floor price of Rs 285 per share, a 4.6% discount to Eternal’s closing price of Rs 298.85 on the NSE on Wednesday. Eternal did not comment on the development when contacted by TOI.Ant Group has been paring stakes in Eternal since last year. In Aug 2024, it had nearly halved its stake in the company to a little over 2% through two separate block deals worth over Rs 4,000 crore. An early backer in local startups, the Chinese investor seems to be reducing its India exposure. Earlier this week, Ant Group exited fintech Paytm by selling its remaining 5.8% stake worth over Rs 3,000 crore. Eternal’s founder, Deepinder Goyal, currently holds about 3.8% stake in the company. Goyal, however, is not classified as a promoter.With businesses in food delivery and quick-commerce, Eternal has capped its foreign shareholding at 49.5%. As of June 2025, the foreign shareholding was about 43%, the company said in a recent letter to shareholders.

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