Update Date : 18-Jan-2022

Created Date : 18-Jan-2022

Reference : ET Wealth

Last Updated: Jan 14, 2022, 06:14 PM IST

 

Mumbai: Food delivery company Zomato has completed the process of shuttering its South Africa subsidiary effective this month.

According to a filing with the BSE on Friday, the company declared that Zomato South Africa Proprietary (Pty) Ltd., the step-down subsidiary, had been deregistered effective January 3, 2022.
 

The company initiated the process of dissolution in November. In the filing made last year, Zomato said that Zomato SA didn't have any active business operations and was not a material subsidiary, adding that the closure of Zomato SA would not affect its turnover or revenue.
 
The Gurugram-based company has shuttered almost all of its international subsidiaries including those in Singapore and the United Kingdom. In August, Zomato closed its US subsidiary and sold its stake in Nextable Inc. for $100,000.
 
The shutting down of international operations is part of the company’s “cleaning-up” exercise. At present, its UAE subsidiary is active. According to its quarterly earnings report, filed in August 2021, it earned Rs 31 crore from the UAE and a few other international markets. Zomato once saw its international operations as a key growth area, but oversea revenue has always comprised a tiny portion of its earnings.

On Friday, Zomato shares rose 0.41% to Rs 133.40 apiece on the BSE even as benchmark S&P BSE Sensex ended the day 0.02% lower at 61,223.03 points.

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