Zomato shuts down Jordan subsidiary

15 Mar 2023 , 09:31 AM

Zomato Limited has informed that Zomato Ireland Limited – Jordan (Zomato Jordan), a step-down subsidiary of the company located in Jordan is liquidated w.e.f. March 12, 2023.

Zomato stated in its filing with the bourses, “Further, as disclosed in our red herring prospectus dated July 6, 2021, and the prospectus dated July 19, 2021, Zomato Jordan didn’t have any active business operations.”

The company also stated that the closure of Zomato Jordan will have no impact on its revenue.

Zomato Jordan has a net worth of Rs52.10 lakh.

During Q3FY23, Zomato’s consolidated loss increased to Rs346.60 crore on-year for the quarter ended December as compared to a loss of Rs63 crore in the previous corresponding quarter. During the previous quarter, the company posted a net loss of Rs250.80 crore.

At around 9.32 AM, Zomato was trading 1.18% higher at Rs51.35, against the previous close of Rs50.75 on NSE. The counter opened at Rs51.50 and touched an intraday high of Rs52.20.

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