Zomato Starts Liquidation of its Portugal Biz

Food delivery platform Zomato has started the process of liquidating its wholly-owned subsidiary in Portugal – Zomato Media Portugal, Unipessoal Lda (ZM Portugal), as per BSE filings.

The Gurgaon-based platform that exited all of its international businesses in 2021 including; Australia, New Zealand, Jordan, Ireland and Indonesia.

As per reports, Zomato decided to shut down international businesses as they do 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,” read the filing.

The net worth of ZM Portugal was Rs 1.2 crore, it added.

In Nov 2022, Zomato announced that it is discontinuing food delivery service through its app in the UAE and has sold its business to Kuwait-based food-delivery startup Talabat in 2019 for $172 million, and was providing services to Talabat through its app.