Food delivery firm Zomato has decided to shut down its Singapore and United Kingdom (UK)-based subsidiaries. The food technology company announced the closure of businesses in a stock exchange filing on September 1.
The net worth of Zomato Media Private Limited (ZMPL) headquartered in Singapore is Rs 6.5 lakh, the filing revealed.
As part of its “cleaning-up” exercise, the food delivery firm has been shutting international subsidiaries that don’t contribute to its business, reported The Economic Times.
The company noted that both these subsidiaries did not have any active business operations and their strike-off would not have any impact on the company’s turnover or revenue.
Earlier in August, the company announced that it will also wind down its US subsidiary, when it said it had divested its stake in step-down subsidiary Nextable Inc for $1,00,000.
"Given the small overall size of the business of the table reservation and management in the USA, the company has decided to divest and consequently shut down this business in the USA," the company had said in a stock exchange filing.
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