Zomato’s step-down subsidiary— Zomato Ireland Limited - Jordan— has been liquidated by the company from March 12, 2023, according to a disclosure filed with the Bombay Stock Exchange. A step down subsidiary company is a subsidiary of a company's subsidiary. The company said that Zomato Jordan (as it was known) did not have any active business operations and added that its closure does not affect the “turnover/revenue” of the company, as per the disclosure, which also revealed that the net worth of Zomato jordan stood at Rs. 52,10,000. Why it matters: Zomato Jordan’s closure is yet another move by the company to trim excess fat from its books ever since it went public in 2021. It is an indication that the company wants to run a tight ship by focusing only on the Indian market. The move is also notable as it shows that tech companies are looking to hunker down in a market subdued by challenging circumstances which becomes evident after Zomato itself had to pull out of 225 cities in India. Overview on Zomato’s closures: Zomato Jordan is not the first step-down subsidiary which has been shuttered by Zomato. Here are some of the markets exited by Zomato in the last three years— Philippines and Indonesia: The company pulled the plug on its operations in the Philippines and Indonesia in February, 2023. The company entered the Philippines in April, 2013, which was its first foray into Southeast Asia. It was reported that the company has shut down through…
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