The sale will involve 10 crore shares being offered by SVF Growth Fund at a price of Rs 94 per share, CNBC TV-18 reported citing sources.
Kotak Securities will facilitate the transaction as the broker for the deal.
Earlier, Zomato's stock had risen by 5 percent on the exchanges, driven by a block deal in which 184 million shares (equivalent to a 2.14 percent stake) changed hands.
According to Moneycontrol, sources indicated that SoftBank was considering selling its shares following the expiration of the lock-in period for investors after the Blinkit deal on August 25.
The specific buyers and sellers involved in the transaction were not immediately disclosed.