According to a stock exchange filing report, Food delivery firm Zomato has decided to shut down its Singapore and United Kingdom (UK)-based subsidiaries.
The company already got listed in India in the month of July this year, 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.
The company has initiated the process of a strike-off of the two entities on August 31, 2021. It shuttered its US subsidiary and sold its stake in Nextable Inc for $100,000.
The company’s spokesperson said, “UK and Singapore subsidiaries were not material to its business and their dissolution would not affect its turnover or revenue,” It added that it had disclosed in its IPO prospectus that both ZMPL and ZUL didn’t have any active business operations.
The company had said in a stock exchange filing, “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,”
It added, Nextable contributed 0.33% towards Zomato’s consolidated turnover.
