Thread by @Sadafsayeed

So guys chronology samajh lijye #Zomato organises a call to start with

Aiming to get to adjusted Ebitda breakeven for overall Zomato business by Q4 this year. 

Zomato downgrades investment in quick commerce (Blinkit) from $400 to $320 million . $150 MN invested so far.

On these inconsequential statements , an “adjusted EBITDA” and realising that they were throwing away too much good money after bad money in #Blinket downgrade the investment to $320 million #Zomato shares climb 20% + in 2 days.

Enters Bofa ML and launches block deal on behalf of Uber

Block deal for 61 cr sh/7.8% equity

Price range Rs 48-54/sh

Uber stake in Zomato was due to sale of its India Uber Eats biz in 2020

Uber Eats was valued at $200mn, assuming mid price range it will fetch Uber $380-400 mn

Nice musical chair is happening. VC are using one large listed entity to get exit from their multiple failed investments.

Well friends the list of potential strategic exits after the lock in has ended is long.

Abhi to party shuru hui hai

analysts already cautioned that #Zomato share price may face sell-off pressure. It will be interesting to see what Ant Group, Delivery Hero, D1 will do

https://twitter.com/chandrarsrikant/status/1549302751401631745

So guys its done and dusted , before anyone could realise #Zomato block deal is done. Well played BoA ML. It will hold for a while before the free fall begins.

https://twitter.com/kothariabhishek/status/1554688403202945024