Startup Originals Team
BNP Paribas, a leading French financial services group, has made significant moves in the Indian market by acquiring a major stake in Zomato’s parent company Eternal while offloading a sizable position in food delivery platform Swiggy. These back-to-back multi-crore deals highlight a strategic shift in the global investor’s portfolio across India’s rapidly growing consumer, tech, and retail sectors.
Introduction: A Bold Portfolio Realignment:
In a high-profile round of trading on August 26, 2025, BNP Paribas Financial Markets executed block deals worth almost ₹3,416 crores across several prominent Indian companies. Central to these moves was a major acquisition in Zomato’s parent, Eternal, and a substantial sale in Swiggy, India’s leading online food delivery rival.
BNP Paribas Acquires a Major Stake in Eternal:
- Deal Details: BNP Paribas acquired approximately 10.12 crore shares in Eternal (Zomato’s holding company) at an average price of ₹318.10 per share, totaling around ₹3,220 crores. This purchase amounts to roughly a 1.05% stake in the company.
- Additional Transactions: On the same day, BNP Paribas also sold a small portion-just over 16,000 shares, of Eternal, worth about ₹51 lakh, likely as part of portfolio balancing.
- Market Impact: Eternal, which also owns Blinkit, reported strong revenue growth in its latest quarter, and this investment by BNP Paribas signals a major vote of confidence in India’s online food and quick commerce future.
BNP Paribas Reduces Exposure to Swiggy:
- Block Sale: In contrast, BNP Paribas offloaded nearly 2.69 crore shares of Swiggy at an average price of ₹430.38 each, amounting to an exit valued at approximately ₹1,158 crore.
- Partial Buy: Despite the large sale, BNP Paribas also acquired a smaller block of Swiggy shares worth ₹18.5 crore in the same trading session, indicating selective repositioning rather than a complete retreat.
- Industry Context: Swiggy recently reported strong revenue growth but also faced widening losses. This sector churn is in line with broader trends of foreign investors booking profits and reallocating capital in high-growth sectors.
Other Major Moves by BNP Paribas:
- Multiple Sectors: Alongside the Eternal and Swiggy actions, BNP Paribas also executed block deals in other major companies:
- Portfolio Strategy: This flurry of trades shows BNP Paribas actively readjusting its holdings across consumer, tech, retail, and clean energy spaces, at a time when institutional bulk deals are both common and impactful in India’s stock markets.
Sub-headline: Implications for Swiggy, Zomato, and the Indian Market
- Zomato’s Momentum: Zomato (via Eternal) saw its stock hit an all-time high a week before the deal, reflecting strong investor interest.
- Swiggy’s Challenge: Swiggy’s stock, meanwhile, has experienced both record lows and significant volatility this year.
- Investor Trends: The contrasting positions taken by BNP Paribas underline the shifting investor sentiment, with increased appetite for more diversified food-tech and quick commerce models.
Conclusion:
BNP Paribas’ latest moves, betting big on Zomato parent Eternal and reducing exposure to Swiggy, reflect a broader strategic shift as foreign investors seek optimal opportunities in India’s dynamic digital economy. These trades are poised to influence not just the companies involved, but also market trends in India’s growing e-commerce, retail, and tech spaces.
