Zomato, a food delivery service, has completed the process of closing its subsidiary in South Africa, which will take effect this month.
The firm claimed that Zomato South Africa Proprietary (Pty) Ltd., the step-down subsidiary, has been deregistered effective January 3, 2022, according to a filing with the BSE on Friday.
In November, the business began the dissolution procedure. Zomato said in a filing last year that Zomato SA had no active business operations and was not a major subsidiary, and that its closure would have no impact on its turnover or revenue.
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Almost all of the company’s international subsidiaries, including those in Singapore and the United Kingdom, have closed. Zomato terminated its US subsidiary in August and sold a $100,000 share in Nextable Inc.
The company’s “cleaning-up” effort includes the shutdown of international activities. Its UAE subsidiary is currently operational. It earned Rs 31 crore ($4.1m) from the UAE and a few other international markets, according to its quarterly results report issued in August 2021. Zomato used to see foreign expansion as a significant growth area, but overseas revenue has always been a small part of its overall revenue.
Zomato delivery South Africa
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer