Food delivery and restaurant-discovery platform Zomato Limited’s wholly owned subsidiary PT Zomato Media Indonesia (PTZMI) has begun the process of liquidation, the Gurugram-based startup has told exchanges.
According to Zomato’s red herring prospectus in July 2021, PTZMI, a company based in Indonesia, has been inactive in terms of business operations. In a filing on July 5, it was mentioned that the liquidation of PTZMI would not have a notable effect on Zomato’s turnover or revenue. This is because PTZMI is not deemed a significant subsidiary of the company.
In accordance with listing regulations, Zomato has furnished the required financial information of PTZMI for the previous fiscal year, which concluded on March 31, 2023. As per the provided details, PTZMI recorded a turnover of zero and made no contribution to Zomato’s overall turnover. The net worth of PTZMI was reported as INR 1.5 crore, constituting 0.01 percent of Zomato’s net worth.
The liquidation process of PTZMI is expected to be completed within the next 12 months, subject to required approvals, the food aggregator said.
Detailed information regarding the sale or disposal, including the agreement date, consideration received, buyers’ details, and related party transactions, is not applicable in this case.
On July 5, the Zomato stock closed 1.07 percent down on the National Stock Exchange at INR 74.