Zomato Subsidiaries: Online food delivery platform Zomato has expanded its business from all over the world. The company has decided to focus entirely on India only. In the last one year, Zomato has sold 10 of its subsidiary companies spread across the world including Vietnam and Poland.
Sold 10 companies since March, 2023
Gurugram-based Zomato has sold 10 companies since March 2023. In the information given to the stock exchange this week, the company said that it has been decided to sell Zomato Vietnam Company Ltd and Poland's online delivery platform Gastronauci. This decision was taken due to cost cutting. With this, Zomato has stopped business in 10 countries.
It has also incorporated business in Canada and America
Food delivery platform Zomato Chile SPA (Zomato Chile), PT Zomato Media Indonesia (Zomato Media Indonesia), Zomato New Zealand Media Pvt Ltd (Zomato New Zealand Media), Zomato Australia (Zomato Media Portugal Unipessol) Media Portugal Unipessoal), Zomato Ireland, Jordan and Czech Republic Lunchtime and Zomato Slovakia were closed. Earlier, the company has also closed its business in Canada, America, Philippines, Britain, Qatar, Lebanon and Singapore.
There will be no impact on business
Despite exiting almost all the markets, Zomato is still running business in Indonesia, Sri Lanka and UAE. The company said that despite the closure of these subsidiaries, there will be no impact on its business. The company did not have active business operations in foreign markets.
Company running in profit since last two quarters
As per the report of financial year 2023, Zomato had 16 subsidiaries, 12 step down subsidiaries and one associate company. These included Zomato Payments, Blinkit Commerce and Zomato Financial Services. The company has made net profit in the first two quarters of the current financial year. It had registered a net profit of Rs 2 crore in the June quarter and Rs 36 crore in the September quarter. The company's revenue has increased by 71 percent to Rs 2,848 crore.
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