Zomato dissolves UK based step down subsidiary

Zomato on Wednesday announced that it has dissolved its UK based step-down subsidiary.

In an exchange filing on Wednesday, Zomato informed that Zomato UK, a step-down subsidiary of the company has been dissolved effective from 16 November 2021.

Zomato has seem to pull the plug on almost all its international businesses, including the United States, United Kingdom (UK), Singapore and Lebanon.

Earlier last week, Zomato announced that it is shutting down its operations in Lebanon, which is the only international business Zomato was left with (other than dining-out business in UAE) after shutting down the rest of its international operations last year.

Zomato was one of the leading Food Services technology platforms in India in terms of value of food sold, as of 31 March 2021. The food delivery company reported a net loss of Rs 434.90 crore in Q2 September 2021 as compared to a net loss of Rs 229.80 crore in Q2 September 2020. Consolidated net sales surged 140.40% to Rs 1,024.20 crore in Q2 FY22 over Q2 FY21. Adjusted revenue in Q2 FY22 stood at Rs 1,420 crore ($189 million), recording a 22.6% growth quarter-over-quarter (Q-o-Q) and 144.9% growth year-over-year (Y-o-Y).

Shares of Zomato were trading 0.54% lower at Rs 155.80 on BSE.

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