Zomato Limited, the popular food delivery and restaurant-discovery platform, has announced that its subsidiary PT Zomato Media Indonesia (PTZMI) has initiated the process of liquidation. PTZMI, based in Indonesia, has not been actively involved in any business operations, as stated in Zomato’s red herring prospectus in July 2021. The liquidation of PTZMI is not expected to have a significant impact on Zomato’s overall turnover or revenue, as it is not considered a material subsidiary of the company.
In compliance with listing regulations, Zomato has provided the necessary financial details of PTZMI for the last financial year, which ended on March 31, 2023. The turnover of PTZMI was reported as nil, indicating no contribution to Zomato’s overall turnover. The net worth of PTZMI was stated as Rs 1.5 crore, constituting only 0.01 percent of Zomato’s net worth.
Zomato expects the liquidation process of PTZMI to be completed within the next 12 months, subject to the required approvals. However, specific details regarding the sale or disposal, including the agreement date, consideration received, buyers’ information, and any related party transactions, are not applicable in this particular case.
The liquidation of PTZMI is a strategic move by Zomato to streamline its operations and focus on its core business activities. As the company continues to expand its presence in the food delivery industry, such adjustments are made to ensure efficient resource allocation and optimize its overall operations.
Zomato remains committed to delivering quality services and maintaining its position as a leading food technology company. The liquidation of PTZMI is part of the company’s ongoing efforts to align its subsidiaries with its broader business objectives and enhance its operational efficiency.