Antfin Sells Shares in Eternal Ltd, Parent of Zomato

Antfin Singapore Holding Pte, an affiliate of Alibaba Group, has divested shares valued at Rs 4,097 crore ($482 million) from Eternal Ltd., the parent company of Zomato, through a significant bulk transaction. The sale involved approximately 14.13 crore shares, priced at Rs 289.91 each on Thursday, according to data from the stock exchange.

Details of Antfin’s Shareholding

While the purchasers’ identities have not been made public, this transaction represents another substantial divestment by the Chinese investor within the Indian internet sector. As of June 2025, Antfin owned around 18.84 crore shares, equating to a 2.08% stake in Eternal. Post the latest transaction, it is anticipated that Antfin’s holding will decrease to below 0.52%, potentially leading to a complete exit.

Previous Divestments by Antfin

This divestment is not Antfin’s first concerning Eternal. In August 2024, it sold 18.54 crore shares at a price of Rs 257.4 each, amounting to Rs 4,772 crore ($561 million). Earlier in March, it had offloaded 17.63 crore shares at Rs 160.4 each, raising Rs 2,827 crore ($332 million), based on the company’s regulatory filings.

Antfin’s Share Position

When filing its draft red herring prospectus (DRHP), Antfin was identified as the fourth largest shareholder in Eternal, trailing only behind Info Edge, Uber B.V., and Alipay. It had a holding of 55 crore equity shares, translating into an 8.19% stake.

Alipay’s Exit from Zomato

Alipay, another affiliate of Alibaba, exited its investment in Zomato in November 2023, selling its remaining stake at Rs 112.7 per share. Notable buyers during this transaction included firms like Goldman Sachs, Fidelity, Morgan Stanley, Vanguard, SocGen, ADIA, and ICICI Prudential.

Other Movements by Antfin

In a different development this week, Antfin (Netherlands) Holding B.V. completed its exit from One97 Communications, which is the parent firm of Paytm, by divesting its 5.84% stake in a block deal estimated to be worth around Rs 3,800 crore.

Zomato’s Financial Performance

For added context regarding the financial backdrop, Eternal, the parent of Zomato, reported a remarkable 70% year-on-year increase in revenue, reaching Rs 7,167 crore in Q1 FY26. However, profits saw a significant drop of 90%, falling to Rs 25 crore compared to Rs 253 crore in Q1FY25. The company’s shares are currently trading at Rs 300.7 each (as of 11.15 AM) with a total market capitalisation of Rs 2,90,234 crore ($34 billion).

Eternal Appoints New CEO for Food Delivery Business

Foodtech leader Eternal, previously known as Zomato, has made a significant move by appointing Aditya Mangla as the Chief Executive Officer for its primary food delivery operations. Mangla’s appointment follows Rakesh Ranjan’s completion of a two-year tenure in the role. According to a regulatory filing, Eternal’s board sanctioned Mangla’s appointment on July 6 for a term lasting two years.

While Ranjan will step down from his position as a designated Senior Management Personnel (SMP), he will maintain his connection with the organisation.

Aditya Mangla’s Background

Aditya Mangla has been part of Eternal since March 2021 and has held various leadership positions spanning product development, supply chain management, and customer experience. Prior to his time at Zomato, he gained extensive experience in senior P&L and product roles within various startups and tech-focused companies.

Eternal’s Financial Performance

In the fourth quarter of FY25, Eternal experienced a remarkable 64% increase in revenue year-on-year, surging to Rs 5,833 crore from Rs 3,562 crore in Q4FY24. Additionally, the company reported a profit of Rs 39 crore during this period. Notably, the food delivery segment played a key role, contributing 35% to the overall operating income.

Market Insights

On the recent stock market close, shares of Eternal were priced at Rs 261.2, giving the firm a total market capitalisation of Rs 2,52,067 crore (approximately $29.6 billion).