Food delivery platform Zomato announced in a filing on Saturday that the statutory auditor of its business-to-business (B2B) supplies vertical, Hyperpure, has submitted their resignation, which will take effect from May 13, 2023.
“We wish to submit that M/s B. B. & Associates, statutory auditor of Zomato Hyperpure Private Limited, material subsidiary of the Company has resigned w.e.f. May 13, 2023,” according to Zomato’s BSE filing.
In a letter directed to the Board of Directors of Zomato Hyperpure Private Ltd, B. B. & Associates confirmed the completion of the statutory audit for the company’s financial year ending on March 31, 2023. The audit report was issued to the board of directors on May 12, 2023.
Following discussions with Zomato Limited, the holding company, M/s B. B. & Associates decided to voluntarily resign from their position. It was mutually agreed upon that a prominent audit firm would be appointed as the new statutory auditors of the company.
According to the letter, shareholders of Zomato Hyperpure Private Limited reappointed B. B. & Associates as the statutory auditors on July 14, 2021. The reappointment is valid for a continuous period of 5 years, commencing from the conclusion of the 6th annual general meeting and concluding at the end of the 11th annual general meeting of the company.
“Further to our various discussions with the management of Zomato Limited, holding company (“Zomato”), we understand that they want to appoint one of the large audit firms as statutory auditors of the Company. Accordingly, we have agreed to step down as statutory auditors of the Company w.e.f. May 13, 2023,” the letter stated.
Zomato’s Hyperpure reported a notable 25% quarter-on-quarter revenue growth, amounting to INR 421 crore for the quarter ending on December 31.
Zomato’s Hyperpure initiative is dedicated to supplying restaurants with fresh, hygienic, and high-quality ingredients and supplies.