Entrepreneur and Shark Tank India judge Ashneer Grover recently took a dig at Zomato after the company’s share price fell to an all-time low and claimed that the price would’ve been Rs 450 the company would’ve merged with Swiggy instead of Blinkit. The snarky comment made by the shark has drawn speculation as Grover was the CFO of Blinkit before exiting the company.

For the unversed, earlier on Tuesday, the share price of online food delivery giant Zomato plummeted over 11% and recorded its all-time low price in the daytime trading. Almost a year ago, Zomato made a phenomenal debut on the Dalal Street, reaching to its all-time high of Rs 169. However, since then the company’s share price has consistently plummeted, and nosedived earlier this week.

Interestingly, back in May, Grover had himself given traders a perspective that buying Zomato stock wouldn’t be such a bad idea. “It’s all about perspective. If you were a Zomato employee and exercised your ESOP at ₹140 or higher price post IPO, you probably paid more cost per share as Income Tax, than what you can buy it today from market freely. At ₹56 / share price, markets are giving everyone ESOPs ;)”, his tweet read.

Earlier, Grover was in the news for starting a new venture by the name “Third Unicorn Private Limited”.

The Facts of the Matter

While stock market traders in India are gradually finding a footing after Sensex registered its 52-week low in June, it’s still all doom-and-gloom for Zomato.

The loss-accruing food-tech unicorn fell to its all-time low earlier on Monday, and was later trading at Rs. 43.05 on Tuesday.


Also Read: Ashneer Grover Starts New Company with wife Madhuri Jain – Third Unicorn Private Limited


Ashneer Grover Draws Hypothetical

The staggering fall received reaction from Shark Tank India judge Ashneer Grover who took to Twitter and took a sly dig at the foodtech giant.

In his tweet, Grover claimed that had Zomato merged with Swiggy, its share price would be Rs. 450.

“On the stock market – @letsblinkit served piping hot misery to @zomato in 10 minutes ! Yeh hi agar @Swiggy ko merge karliyahota to ₹450 ka stock hota !!”, his tweet read.


Also Read: After Blinkit, BharatPe, Ashneer Grover to Raise $300 Million For his Next Startup


Zomato Acquired Blinkit in June

It should be noted that earlier last month Zomato acquired Blinkit, which was earlier known as Grofers, for a whopping Rs. 4,447 crore deal. Interestingly, Blinkit had already been registering losses of over Rs. 1,223 crores for the FY 2022.

It is also worth noting that Grover himself served as the CFO of Blinkit before exiting the company and later co-founding BharatPe.

How Grover Suggested People to Buy Zomato Shares

While Zomato’s share price has slumped previously as well, Grover had earlier made an indirect suggestion to investors to buy Zomato shares. “It’s all about perspective. If you were a Zomato employee and exercised your ESOP (employee stock ownership) at Rs 140 or higher price post IPO, you probably paid more cost per share as Income Tax, than what you can buy it today from market freely. At Rs 56 per share price, markets are giving everyone ESOPs,” Grover had tweeted.


Also Read: Shark Tank Pitcher Who was Mocked by Ashneer Grover Takes a Dig at him & Aman Gupta on Instagram


Gave Similar Advise with Paytm

Grover has in the past made similar suggestions to investors as well. Back in March, 2022, Grover had asked people to buy Paytm shares as well. Interestingly, Grover’s suggestion came at a time when Paytm was also free-falling like a kite.

@Paytm stock is a screaming BUY ! It’s valued at $7B ; Funds raised itself is $4.6B ; Cash in Hand should be $1.5 B. So at CMP of ₹600, the market is saying value created is $5.5B after having spent $3.1B over last 10 years. That’s less than Bank FD rate. BUY !!”, Grover had suggested on Twitter.

 

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