Zomato's Indonesia subsidiary initiates liquidation process

Zomato Limited, a leading food delivery and restaurant discovery platform, has announced that its wholly owned subsidiary, PT Zomato Media Indonesia (PTZMI), has begun the process of liquidation.

Food delivery and restaurant-discovery platform Zomato Limited’s wholly owned subsidiary PT Zomato Media Indonesia (PTZMI) has begun the process of liquidation, the Gurugram-based startup has told exchanges.

Indonesia-based PTZMI has not been actively engaged in any business operations, as Zomato said in the red herring prospectus in July 2021. The liquidation of PTZMI is not expected to have any significant impact on Zomato's turnover or revenue, as it is not considered a material subsidiary of the company, the July 5 filing said.

To comply with the listing regulations, Zomato has provided the necessary details of PTZMI's financials for the last financial year (ending March 31, 2023). The turnover of PTZMI and its contribution to Zomato's overall turnover were reported as nil. PTZMI's net worth was stated as Rs 1.5 crore, contributing 0.01 percent to Zomato's net worth.

The liquidation process of PTZMI is expected to be completed within the next 12 months, subject to required approvals, the food aggregator said.

Detailed information regarding the sale or disposal, including the agreement date, consideration received, buyers' details, and related party transactions, is not applicable in this case.

On July 5, the Zomato stock closed 1.07 percent down on the National Stock Exchange at Rs 74.