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 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.
The Billion-Dollar Zomato Exit Nobody’s Talking About
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:
- March 2025: Sold 17.63 Cr shares @ Rs 160.4 → Rs 2,827 Cr ($332M)
- August 2024: Sold 18.54 Cr shares @ Rs 257.4 → Rs 4,772 Cr ($561M)
- August 2025 (Now): Sold 14.13 Cr shares @ Rs 289.91 → Rs 4,097 Cr ($482M)
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.
Who Bought the Shares? That’s the Mystery…
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?
Meanwhile… Zomato’s Parent Is Booming (Sort of)
Even as Antfin heads for the door, Eternal Ltd. (Zomato’s parent) is reporting some wild numbers.
- Revenue (Q1 FY26): Rs 7,167 crore → Up 70% YoY
- Profit: Rs 25 crore → Down 90% YoY from Rs 253 crore
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.
Antfin Also Exited Paytm — Coincidence or Pattern?
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.
What Does This Mean for Indian Tech Stocks?
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.
Possible Implications:
- More institutional buyers could step in, seeing value in strong domestic tech plays
- Regulatory pressure may have accelerated the Chinese exit
- Indian startups may lean more heavily on Western capital moving forward
With Zomato sitting at the heart of India’s new-age digital economy, every major move like this sends shockwaves across the startup landscape.
Final Word: Is This Goodbye or Good Riddance?
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.
