China's Alipay to sell stakes worth $400 million in Zomato

The deal comes after Reuters reported on Tuesday that Alipay was planning to sell its 3.4% in Zomato through block deals on the Indian stock exchanges

Chinese payments group Alipay launched a $400 million accelerated bookbuild to sell its stake in Indian food delivery giant Zomato, according to the deal's term sheet on Wednesday.

The logo of Indian food delivery company Zomato is seen (REUTERS)

The deal comes after Reuters reported on Tuesday that Alipay was planning to sell its 3.4% in Zomato through block deals on the Indian stock exchanges.