Zomato Ltd has liquidated its subsidiaries in Poland and Vietnam in a bid to cut costs, the company informed the stock exchanges last week.
The dissolution of Zomato Vietnam Co. Ltd and Gastronauci in Poland comes amid a flurry of exits from international operations by the online food delivery company in the past year.
The firm informed the exchanges that the dissolution of the subsidiaries in Vietnam and Poland will not affect its turnover.
The company further said that it expects the dissolution of Zomato Vietnam to take up to six months and that of Gastronauci about four months, subject to regulatory approvals.
The Gurugram-based food delivery platform has liquidated 10 of its subsidiaries since March 2023, Mint reported last week.
The restaurant aggregator had shut Zomato Chile SpA, PT Zomato Media Indonesia (PTZMI), Zomato New Zealand Media Pvt. Ltd, Zomato Australia Pty Ltd, Zomato Media Portugal Unipessoal Lda, Zomato Ireland Ltd – Jordan, Czech Republic’s Lunchtime, and Zomato Slovakia, the report said.
The Gurugram-based company has shuttered almost all of its international subsidiaries, including those in Singapore, the United Kingdom, the US and South Africa, The Economic Times had reported previously.
In the September quarter, the food company posted its second consecutive quarterly net profit of ₹36 crore and an operating revenue of ₹2,848 crore.
Zomato did not immediately respond to an email seeking details of its global operations.
The company’s annual report for fiscal 2023 lists 28 subsidiaries, including Zomato Payments Pvt. Ltd (acquired in 2021), Blinkit Commerce Pvt. Ltd (acquired in 2022), Zomato Financial Services Ltd (acquired in 2022).
In addition to the subsidiaries, Zomato also lists one trust and an associate firm.
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