The New York-based hedge fund sold more than 184 million shares, or 2.34%, of Zomato, between 25 July and 2 August in the open market, it said in a stock exchange filing on Thursday. After the sale, Tiger Global now holds a 2.77% stake in the company, the filing shows.

Tiger Global nearly halved its stake in food delivery company Zomato Ltd, joining investors such as Uber Inc. and Moore Strategic Ventures, who have either exited or pared their stakes after a year-long lock-in for some shareholders ended on 23 July.

The New York-based hedge fund sold more than 184 million shares, or 2.34%, of Zomato, between 25 July and 2 August in the open market, it said in a stock exchange filing on Thursday. After the sale, Tiger Global now holds a 2.77% stake in the company, the filing shows.

While the filing did not disclose the sale proceeds that Tiger received, based on Zomato’s average closing stock price of ₹46.8 apiece between 25 July and 2 August, Tiger Global is likely to have sold shares worth ₹863.2 crore, or approximately $109 million.

The food aggregator has seen a wave of selling by pre-IPO investors after the 12-month lock-in period ended last month. On 3 August, Uber, the second biggest shareholder of Zomato, sold its entire 7.78% stake through block deals for ₹3,087.9 crores. The US ride-sharing firm sold its shares at a price of ₹50.44 to Fidelity and ICICI Prudential Life Insurance Co. Ltd.

On 26 July, Moore Strategic Ventures Llp sold its entire Zomato stake for ₹187.1 crores. Moore sold its shares at ₹44 apiece.

The investors that have sold Zomato shares post the 12-month lock-in period may have taken a hit on the potential profits that they could have generated from Zomato stock, given the price correction that the company has seen in recent months as a result of risk-off investor sentiment for technology stocks globally.

Zomato, which sold shares in its IPO for ₹76 apiece in July last year, went on to hit an all-time high of ₹169 per share in November. On Thursday, the stock closed at ₹57.75.

While Moore Strategic Ventures sold its shares at a loss of ₹4 crore, according to an analysis by experts, Uber sold its stake for a profit.

According to expert’s analysis of Zomato’s IPO prospectus, shares were allotted to Uber at a price of ₹22.47 apiece. In the case of Tiger Global, shares were allotted at two different prices of ₹44.81 and ₹58.20 at the end of 2020 and early 2021, Zomato’s IPO prospectus shows.