Zomato's Czech Subsidiary Initiates Liquidation

4 Sep 2023 , 03:15 PM

Zomato’s stock gained nearly 1% during morning trade on September 4 following an announcement about its step-down subsidiary’s liquidation. The food aggregator revealed on September 1 that its subsidiary in the Czech Republic, Lunchtime.Cz, had initiated the liquidation process.

Zomato clarified that Lunchtime.Cz was not actively engaged in business operations and did not hold a significant position within the company, indicating that the liquidation wouldn’t impact its revenue. In Q1FY24, Zomato reported a consolidated net profit of Rs 2 crore, a significant improvement from a Rs 186 crore loss in the same quarter the previous year.

The company also noted a 71% year-on-year growth in revenue, reaching Rs 2,416. Zomato recently introduced ‘Zomato AI,’ a personalized chatbot designed to assist customers in selecting their desired food items for ordering.

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