Indian-origin food delivery company’ Zomato’ has completed the process of discontinuing its South African subsidiary from this month.
As stated through a filing with Bombay Stock Exchange (BSE) on Friday, the company has officially declared that its South African subsidiary, Zomato South Africa Proprietary (Pty) Ltd., is going to stop its functioning with effect from January 3, 2022.
The Indian-origin food delivery company has already initiated the process of breakage in November. As per the filing that has been made earlier, Zomato claimed that Zomato SA is not actively having any business operations in work and was not a material subsidiary as well. The food-delivery company further added that putting a stoppage at Zomato South Africa will not affect its revenue or turnover.
Recently, The India-based food delivery company has closed almost all of its international subsidiaries, including those in the United Kingdom and Singapore as well. In August last year, Zomato has closed its US subsidiary and also sold its stake in Nextable Inc. for $100,000.
Meanwhile, the company is shutting down its international subsidiaries due to its “cleaning-up” exercise.
As per reports, Company’s UAE subsidiary is actively working. Its quarterly earnings report added that the company had made revenue of around Rs 31 Crores from UAE and several other international markets.
While on Friday, Zomato’s share rose to 0.41% to Rs 133.40 apiece on the Bombay Stock Exchange (BSE).
