China’s Antfin cashes out over $1.3 Bn from Eternal in a year

Alibaba Group affiliate Antfin Singapore Holding Pte. has offloaded shares worth Rs 4,097 crore ($482 million) from Eternal Ltd., the parent company of Zomato, through a bulk deal. The transaction involved the sale of 14.13 crore shares at a price of Rs 289.91 per share on Thursday, as per stock exchange data.

While the identities of the buyers remain undisclosed, this marks another major divestment by the Chinese investor in the Indian internet ecosystem. The firm held 18.84 crore shares, or a 2.08% stake, in Eternal as of June 2025. Following the latest sale, its holding is expected to drop below 0.52%, if not mark a full exit.

This isn’t Antfin’s first divestment in Eternal. In August 2024, it sold 18.54 crore shares at Rs 257.4 per share, worth Rs 4,772 crore ($561 million). Earlier in March, it offloaded 17.63 crore shares at Rs 160.4 each and gathered Rs 2,827 crore ($332 million), as per the company’s regulatory filings.

At the time of filing its draft red herring prospectus (DRHP), Antfin was the fourth largest shareholder in Eternal, behind Info Edge, Uber B.V., and Alipay, with 55 crore equity shares, which converts into an 8.19% stake.

Alipay, another Alibaba affiliate, had exited Zomato in November 2023 by selling its remaining stake at Rs 112.7 per share. At the time, buyers included Goldman Sachs, Fidelity, Morgan Stanley, Vanguard, SocGen, ADIA, and ICICI Prudential.

In a separate move earlier this week, Antfin (Netherlands) Holding B.V. fully exited One97 Communications, the parent company of Paytm, by selling its 5.84% stake in a block deal reportedly worth around Rs 3,800 crore.

For the financial background, Zomato's parent, Eternal, posted a 70% year-on-year jump in revenue to Rs 7,167 crore in Q1 FY26, while profit dropped 90% to Rs 25 crore, compared to Rs 253 crore in Q1FY25. The firm is currently traded at Rs 300.7 per share ( as on 11.15 AM) with a total market capitalization of Rs 2,90,234 crore ($34 billion).