Ant Group's Strategic Move in the Indian Market

In a significant development, China's Ant Group has announced its decision to exit Eternal, formerly known as Zomato, by selling its remaining 1.9% stake. This move, valued at Rs 5,370 crore ($612 million), is set to be executed through one or more block deals this Thursday, as per the deal's term sheet.

Details of the Deal: Antfin Singapore Holding, a subsidiary of Ant Group, plans to offload 18.8 crore shares at a floor price of Rs 285 per share. This price represents a 4.6% discount to Eternal's closing price on the NSE the previous day.

Ant Group's Reducing Exposure in India

This transaction marks Ant Group's second startup exit in India within a week, following its departure from Paytm. The Chinese investor, an affiliate of Alibaba Group, initially invested in Eternal in early 2018 and has been gradually reducing its stake since last year.

Eternal's Current Stance: When approached for comments, Eternal chose not to respond to the developments. The company's founder, Deepinder Goyal, holds approximately 3.8% of the stake but is not classified as a promoter.

Implications for Eternal and the Indian Market

Eternal, operating in the food delivery and quick-commerce sectors, has capped its foreign shareholding at 49.5%. As of June 2025, foreign shareholding stood at about 43%, indicating room for further international investment under current regulations.