Zomato liquidates its subsidiary in Jordan

Zomato Ireland Limited, Jordan (Zomato Jordan), a step-down subsidiary of the company located in Jordan, has been liquidated with effect from March 12, 2023.

As per the company's red herring prospectus dated July 6, 2021, and prospectus dated July 19, 2021, Zomato Jordan didn't have any active business operations. Further, Zomato noted that the closure of Zomato Jordan won't affect the turnover/revenue of the company.

Zomato Jordan has a net worth of Rs 52.10 lakh.

In the third quarter of FY22-23, Zomato's revenue from operations jumped to Rs 1,948 crore from Rs 1,112 crore in the corresponding year-ago period. On the other hand, its consolidated net loss widened to Rs 347 crore from Rs 67 crore in the same period a year ago.

In the last one year, Zomato has seen five senior-level executives exit the company, including Rahul Ganjoo (Head of New Initiatives) and Siddharth Jhawar (ex-Vice President and Head of Intercity). Co-founder Gaurav Gupta too left after a six-year tenure. Aman Priyadarshi, Head of Dining, left last week after a four-year stint.

In November last year, the foodtech platform had reduced its workforce by up to 3% as part of its regular performance-based layoffs.

At around 9.32 am today, Zomato was trading 1.18% higher at Rs 51.35, against the previous close of Rs 50.75 on the NSE. The counter opened at Rs 51.50 and touched an intraday high of Rs 52.20.