Zomato Completes Liquidation of Czech Republic, Vietnam Subsidiaries

Zomato Completes Liquidation of Czech Republic, Vietnam Subsidiaries

SUMMARY

The foodtech major announced the liquidation of its Vietnamese subsidiary, Zomato Vietnam Company Limited (ZVCL), with effect from February 2, 2024

Zomato said it closed down its Czech Republic-based step down subsidiary, Lunchtime, on February 6, 2024

Earlier today, Zomato reported a consolidated profit after tax of INR 138 Cr in the December quarter of 2023

Foodtech major Zomato said it has completed the liquidation of its subsidiaries in Vietnam and Czech Republic.

In an exchange filing on Wednesday (February 7), Zomato said its step down subsidiary  Zomato Vietnam Company Ltd (ZVCL) has been liquidated with effect from February 2, 2024.

In another exchange filing, the company said its Czech subsidiary, Lunchtime.cz s.r.o, has also been liquidated with effect from February 6, 2024. 

This comes about a month after the company announced that it had initiated the liquidation process for its Vietnamese subsidiary. 

In an exchange filing on January 4, the company said ZVCL is not a material subsidiary and its dissolution won’t affect the revenue of the company. ZVCL’s net worth was INR 36 Lakh.

The liquidation of the two businesses comes at a time when the startup is aggressively closing down its international subsidiaries. It shut down businesses in multiple countries, including Indonesia, Jordan, and Slovakia, last year. 

The startup is also in the process of liquidating another step-down subsidiary, Polish Gastronauci SP. Z.O.O.

It is pertinent to note that the food tech major has aggressively cut down its costs in the last two years to achieve, and subsequently sustain, profitability. 

Earlier today, Zomato reported a consolidated profit after tax of INR 138 Cr in the December quarter of 2023. Its profit stood at INR 36 Cr in the September quarter, while it posted a net loss of INR 136.6 Cr in Q3 FY23.

Continuing its strong performance, the company’s quick commerce vertical Blinkit reported its second consecutive contribution positive quarter in Q3.

Ahead of its Q3 results, Zomato also said that it has allotted 10.88 Cr equity shares under its multiple employee stock option plans (ESOPs).

Shares of Zomato ended today’s trading session 2.42% higher at INR 144 on the BSE.

You have reached your limit of free stories
This Diwali, Get Up To 72% Off On Inc42 Plus

Become A Startup Insider With Inc42 Plus

Offer Fading Away This Week
countdownmail.com
2 YEAR PLAN
₹19999
₹6999
₹291/Month
UNLOCK 65% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹3999
₹333/Month
UNLOCK 60% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Zomato Completes Liquidation of Czech Republic, Vietnam Subsidiaries-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Zomato Completes Liquidation of Czech Republic, Vietnam Subsidiaries-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Zomato Completes Liquidation of Czech Republic, Vietnam Subsidiaries-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Zomato Completes Liquidation of Czech Republic, Vietnam Subsidiaries-Inc42 Media
Zomato Completes Liquidation of Czech Republic, Vietnam Subsidiaries-Inc42 Media
You’re in Good company