Citigroup Global Markets has sold shares of foodtech major Swiggy worth Rs 12.2 crore to BNP Paribas Financial Market in a block deal on BSE.
On Thursday (July 3), 3,20,421 shares changed hands at a price of Rs 381 a piece on BSE, according to data from the exchange.
The trade happened at a marginal discount from the opening price of Rs 383 a piece on July 3. The stock closed slightly higher at Rs 386 on Thursday.
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These developments come as investor sentiment in the consumer-tech space rebounds. Swiggy’s shares gained about 20% in the April to June quarter on NSE. Its peer Eternal gained 25% on NSE during the same period.
The improvement in its stock comes even as Swiggy struggles with profitability with respect to its quick commerce business. Dutch investment company, Prosus, which holds a 24.8% stake in Swiggy, said Swiggy’s growth in the food delivery and quick commerce segment came at the expense of profitability due to the expansion of its dark store network and heightened competition
Last month, the Sriharsha Majety-led company marked its entry into travel concierge and lifestyle management service with Crew. This came after the launch of Pyng, a professional services marketplace in April this year.
Earlier in the year, Swiggy launched a B2B app for restaurants under the name ‘Assure‘, in direct competition with Eternal’s Hyperpure. It also launched a standalone app for its quick commerce service Instamart and a food delivery app called Snacc.
Edited by Swetha Kannan
