Zomato to liquidate Vietnam subsidiary after shutting Poland business – ET Auto

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The company said that both step-down subsidiaries, which are currently undergoing liquidation, are not engaged in any active business operations and will have no impact on the overall operations of the company.

Zomato has initiated the liquidation process for its Vietnam business, Zomato Vietnam Company Limited (ZVCL), the food delivery platform said in a regulatory filing on the BSE on Thursday.

As per the filing, Zomato stated that “ZVCL is not a material subsidiary of the company, and the dissolution of ZVCL will not affect the turnover/revenue of the company”.

The announcement follows a previous filing by the company on Wednesday, stating it had commenced the liquidation process for its business in Poland, Gastronauci, on December 2.

The company said that both step-down subsidiaries, which are currently undergoing liquidation, are not engaged in any active business operations and will have no impact on the overall operations of the company.

The liquidation process is expected to be completed within four-six months of receiving the approval.

ET had earlier reported that the Gurugram-based company had shuttered almost all of its international subsidiaries including those in Singapore, the United Kingdom, United States and South Africa. Zomato posted its second consecutive quarterly net profit of INR 36 crore for the quarter ended September on an operating revenue of INR 2,848 crore.

  • Published On Jan 6, 2024 at 02:15 PM IST

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