Zomato is shutting down its Singapore and UK-based subsidiaries
Zomatohas noted that both these entities did not have any active business operations.
- These entities are Singapore-based Zomato Media Private Limited (ZMPL) and Zomato UK Limited (ZUL)
- Last month, Zomato divested its stake in its US-based subsidiary Nextable Inc., for $100,000.
AdvertisementFood delivery firm Zomato has decided to shut down its Singapore and United Kingdom (UK)-based subsidiaries.
Zomato, which recently got listed in India, has made this strike-off official in its filing with the BSE and National Stock Exchange (NSE). Strike-off is the closure of a company.
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.
"Given the small overall size of the business of table reservation and management in USA, company has decided to divest and consequently shut down this business in USA," the company had said in a stock exchange filing. Nextable contributed 0.33% towards Zomato’s consolidated turnover.
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