Zomato shuts operations of subsidiary in Canada

24 Mar 2022 , 11:49 AM

As per Zomatos red herring prospectus on 6 July 2021 and 19 July 2021, Zomato Canada has a net worth of Rs 0.25 crore with no active business operations. Further, Zomato Canada is not a material subsidiary of the company and the closure of Zomato Canada will not affect the turnover /revenue of Zomato, the companys press statement highlighted.

On a consolidated basis, the food delivery company reported net loss of Rs 63.20 crore Rs 63.20 crore in Q3 December 2021 as against net loss of Rs 352.60 crore in Q3 December 2020. Net sales rose 82.47% to Rs 1,112 crore in Q3 December 2021 over Q3 December 2020.

Shares of Zomato rose 0.93% to Rs 81.45 on BSE. Zomatos technology platform connects customers, restaurant partners and delivery partners, serving their multiple needs. It also operates a one-stop procurement solution, Hyperpure, which supplies high quality ingredients and kitchen products to restaurant partners.

Powered by Capital Market – Live News