Zomato India has officially filed for dissolution and shut down of its subsidiaries in the UK and Singapore. The move comes two months after the foodtech company listed on the Indian stock exchange, and a month after it filed for the dissolution of its US subsidiary — Zomato US — formerly known as UrbanSpoon.
According to the notification, Zomato UK Limited (ZUL) and Zomato Media Private Limited (ZMPL) were not material subsidiaries of Zomato India and did not have any active business operations.
Zomato had disclosed the same in its DRHP filed on July 6. Thus, the company stated that the dissolution of the subsidiaries will not affect the company’s revenue or turnover.
Both ZUL and ZMPL had no contribution to the company’s net worth and revenue in the last financial year, the filing read. ZUL’s network was INR 1.64 Mn while ZMPL was worth INR 0.65 Mn.
Previously, the company also shut down its US’ table reservation business — NexTable, which had a turnover of INR 6.6 Cr and a net worth of INR 1.5 Cr (as of March 2021).
Founded by Deepinder Goyal, Pankaj Chaddah and Gunjan Patidar in 2008, the restaurant aggregator and food delivery company has 16 active subsidiaries. Major names include UberEATS India, Feeding India, Zomato Trace, MenuMania, TongueStun Food Network, Cibando among others.
Recently, it also incorporated a wholly-owned subsidiary – Zomato Payments Private Limited – to provide payment services and technology services for its users.
Zomato After Its Listing
The foodtech platform, which got publicly listed on July 23 at INR 116, touched a high of INR 147.30 minutes after the market opening. It currently has a market capitalization of INR 1.03 Lakh Cr and the share closed at INR 136.25 on the National Stock Exchange (NSE) on September 1.
Zomato’s revenue from operations increased from INR 591.9 Cr in the quarter ended March 2021 to INR 757.9 Cr in June 2021 quarter on a standalone basis, growing 28% QoQ.