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Why did Zomato shut down its operations in UK and Singapore?

The delivery platform’s withdrawal from these countries comes months after it went public in India.

Zomato’s two international subsidiaries shut down operations permanently, according to a disclosure submitted to Bombay Stock Exchange. The company revealed these subsidiaries to be Zomato UK Limited (ZUK) in the United Kingdom and Zomato Media Private Limited (ZMPL) in Singapore. The net worth of these companies was disclosed at Rs. 16.4 lakh and Rs. 6.5 lakh respectively.  Zomato reiterated that the entities did not have any active business operations as it had disclosed in its red herring prospectus in July this year. The subsidiaries made no contribution to the company’s turnover or the net worth in the last financial year.  “II may be noted further that ZMPL and ZUL are not material subsidiaries of the Company and the dissolution of ZMPL and ZUL will not affect the turnover/revenue of the Company,” read Zomato's statement dated September 1, 2021. The announcement…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

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