This follows a series of other liquidations of international subsidiaries initiated by Zomato, including those in Australia, New Zealand, Jordan, Ireland and Indonesia.
In July 2021, the company had started a “cleaning up” exercise to shut down international businesses that did not contribute to its revenues, following its listing on the exchanges.
“…as disclosed in our red herring prospectus dated July 6, 2021, and prospectus dated July 19, 2021, ZM Portugal does not have any active business operations. It may be further noted that ZM Portugal is not a material subsidiary of the company and the dissolution of ZM Portugal will not affect the turnover/revenue of the company,” the company said in the stock exchange filing.
The net worth of ZM Portugal was Rs 1.2 crore, it added.
Last November, Zomato had said it was discontinuing food delivery service through its app in the UAE. Zomato had sold its UAE business to Kuwait-based food-delivery startup Talabat in 2019 for $172 million, and was providing services to Talabat through its app.
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On July 13 this year, Zomato’s stock price touched a new 52-week high. In a research note dated July 10, brokerage firm ICICI Securities said Zomato is expected to have outpaced most quick-service restaurants (QSRs) “on a like to like basis” in the quarter ended June 30. The brokerage firm also said it expected Zomato to record 9.2% year-on-year growth in its food-delivery gross order value (GOV), and 6.8% growth sequentially.On Monday, Zomato’s stock ended at Rs 81.27 on the BSE, up 1.2% from its previous close.