Zomato begins liquidation of Czech step-down subsidiary, stock up

Lunchtime.Cz does not have active business and is not a material subsidiary of the company. Its dissolution will have no impact on the company revenue, Zomato has said

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Zomato was trading almost a percent higher in the morning trade on September 4 after the food aggregator announced that one of its step-down subsidiaries was filing for liquidation.

Zomato told the exchanges on September 1, that its step-down subsidiary in the Czech Republic, Lunchtime.Cz, had begun the liquidation process. Lunchtime didn’t have active business operations and was not a material subsidiary of the company, it said, adding the dissolution won’t have an impact on revenue.

As reported by Moneycontrol recently, SoftBank, which previously offloaded a partial stake in Zomato, was looking to fully exit the company in the coming months.

In Q1FY24, Zomato reported a consolidated net profit of Rs 2 crore against a Rs 186 crore loss in the year-ago quarter. Revenue grew 71 percent year-on-year to Rs 2,416.

Also read: Zomato launches AI chatbot to help users decide what to eat

The online food delivery platform, which was listed on the exchanges in 2021, recently announced the launch of Zomato AI, a personalised chatbot that can help consumers choose the food item they wish to order.

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At 11.44 am, the share was trading at 98 on the National Stock Exchange, 0.82 percent higher from the previous close.

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