Sequoia Capital India has sold part of its pre-IPO stake in Zomato on the open market, reducing its stake in Zomato to 4.4%.

In a filing with BSE, Zomato said Sequoia Capital India sold 6.7 crore shares between September 6, 2021, and October 14, 2021, and 10.5 crore shares between June 27, 2022, and August 25, 2022, in its two investment vehicles – Sequoia Capital India Growth Investment Holdings I and SCI Growth Investments II.

As a result, Sequoia Capital India has so far sold 17.2 crores of Zomato shares on the open market, reducing its stake to 4.4% from 6.41% previously.

It is worth noting that Sequoia also increased its holdings of Zomato by 4.5 crore shares on August 10, as Zomato acquired Blinkit in a share-swap deal. Shares are subject to a one-year lock-in period from the date of allotment before they can be sold.

According to Delivery Hero’s second-quarter financials, Zomato’s other investor, Delivery Hero, which owns about 1.6% of the food delivery unicorn, sold its entire stake on the open market in July 2022 for $60 million. Delivery Hero invested in Zomato in 2018.

Sequoia Capital and Delivery Hero joined a growing number of Zomato private market investors who sold about 613 crore shares, or 78% of Zomato stock, after a one-year lock-in period that ended on July 23 Zomato’s private market investors sold shares on the public market or through block deals.

Earlier this month, hedge fund firm Tiger Global actually sold 18 crore shares of Zomato in the week after it ended a one-year lock-in period for pre-IPO investors on July 23. It sold its entire 7.78% stake in Zomato, marking its exit from Zomato.

New York-based venture capital firm Moore Strategic Ventures sold its entire Rs 4.25 crore stake in Zomato at Rs 44 per share in a block deal in July for a loss of Rs 4 crore.