China's Alipay sells stake in Zomato for nearly $400 million: Term sheet

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 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.