Zomato has closed two of its overseas subsidiaries — Zomato UK Limited (ZUK) in the UK and Zomato Media Private Limited (ZMPL) in Singapore — according to a stock exchange filing the company made on Wednesday.
As part of its “cleaning-up” exercise, the food delivery firm has been shutting international subsidiaries that don’t contribute to its business since it was listed on Indian exchanges in July.
Food delivery firm Zomato has decided to shut down its Singapore and United Kingdom (UK)-based subsidiaries. The food technology company announced the closure of businesses in a stock exchange filing on September 1.
The net worth of Zomato Media Private Limited (ZMPL) headquartered in Singapore is Rs 6.5 lakh, the filing revealed.
Given the small overall size of the business of the table reservation and management in the USA, the company has decided to divest and consequently shut down this business in the USA,” the company had said in a stock exchange filing.
No Impact on Company’s Revenue
The company has noted that both these entities — Singapore-based Zomato Media Private Limited (ZMPL) and UK-based Zomato UK Limited (ZUL) — did not have any active business operations and their strike-off would not have any impact on the company’s turnover or revenue.
Zomato has initiated the process of a strike-off of the two entities on August 31, 2021.
According to the company’s spokesperson, this is a part of Zomato’s “clean up drive”. Last month, Zomato divested its stake in its US-based subsidiary Nextable Inc., for $100,000.
The company has noted that both these entities — Singapore-based Zomato Media Private Limited (ZMPL) and UK-based Zomato UK Limited (ZUL) — did not have any active business operations.