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Chinese payments firm Alipay is reportedly considering selling its 3.44% stake in food delivery platform Zomatofor nearly $400 million.

According to a report by Reuters, Alipay, which is owned by Ant Group, is looking to offload its entire stake in Zomato through block deals on Indian stock exchanges. Bank of America and Morgan Stanley are the advisers on the deal, which is likely to take place later this week.

YourStory was unable to independently verify this report.

In the quarter ended June, Zomato posted a profit of Rs 2 crore, much ahead of its previous forecast. Several industry insiders commented that the positive fallout from this would be much wider.

The Deepinder Goyal-led company saw a marginal increase in food delivery gross order value at Rs 7,318 crore, driven by robust growth in the number of orders and a modest uptick in average order value.

Last month, the Gurugram-based company ventured into the logistics space with the launch of Zomato Xtreme, which will allow merchants to send packages starting at Rs 35. The company rolled out a separate app for the offering, which is currently available only on Android devices.

The move indicates Zomato’s intention to diversify its revenue streams beyond food and grocery delivery (through Blinkit). While food delivery remains its biggest business, its alternative verticals, including Hyperpure and dining, could help the company optimise costs by making use of its delivery partners network.