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Startups

Ant Group cuts stake in India's Zomato ahead of IPO

Prospectus shows Alibaba affiliate u-turned on plans to boost ownership

China's Ant Group first invested in Zomato in 2018. It is not unusual for investors to sell stakes before a company goes public, especially when demand for shares is strong. (Source photos by Getty Images and AP)

TOKYO -- China's Ant Group cut its holdings of India's Zomato over the past year, reversing an earlier plan to boost its stake in the food delivery company, underscoring the dramatic shift in the countries' investment climates.

Alipay Singapore Holding, a subsidiary of Ant Group, cut its stake in Zomato to 558.9 million shares from 777.5 million shares a year ago, according to Zomato's draft prospectus filed on Tuesday. Alipay Singapore agreed to sell the shares in February and March to investment funds, including D1 Capital Partners and Steadview Capital, according to the prospectus.

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