Zomato liquidates its subsidiary in Jordan
- ByStartupStory | March 15, 2023
Zomato’s subsidiary in Jordan, known as Zomato Jordan, has undergone liquidation as of March 12, 2023. This subsidiary was a step-down unit of Zomato Ireland Limited.
Zomato has stated that its subsidiary in Jordan, Zomato Jordan, did not have any ongoing business operations, according to the company’s red herring prospectus from July 6, 2021, and prospectus from July 19, 2021.
Zomato has also confirmed that the liquidation of Zomato Jordan will not impact the company’s revenue or turnover. The net worth of Zomato Jordan, is Rs 52.10 lakh.
Zomato’s revenue from operations in the third quarter of FY 22-23 increased to Rs 1,948 crore, compared to Rs 1,112 crore during the same period in the previous year. However, the company’s consolidated net loss in the same period widened from Rs 67 crore to Rs 347 crore.
Over the past year, Zomato has witnessed the departure of five senior-level executives, which includes Rahul Ganjoo (former Head of New Initiatives) and Siddharth Jhawar (previously Vice President and Head of Intercity). Co-founder Gaurav Gupta also resigned after serving the company for six years. Recently, Aman Priyadarshi, who was the Head of Dining, left the company after a four-year tenure.
As part of its regular performance-based layoffs, the foodtech platform had decreased its workforce by as much as 3% in November of last year.
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