Zomato divests stake in subsidiary Nextable for $1,00,000

Food delivery and ordering company Zomato Ltd on Wednesday said it has divested its stake in step-down subsidiary Nextable Inc for $1,00,000.
 
Zomato said its step-down subsidiary Zomato Inc had entered into a stock purchase agreement with three individuals -- Justin Doshi, Thusith Desilva and Robert Tyree -- for sale of shares held by it in Nextable.

The stake was sold for a consideration of $1,00,000 and the transaction was closed on June 30, Zomato said in a regulatory filing.
 
The recently-listed startup said it had disclosed in its IPO red herring prospectus that it was in the process of divesting its entire shareholding in Nextable.
 
Nextable had a turnover of Rs 66.47 million as of March 31, 2021, while its net worth stood at Rs 15.27 million. It contributed 0.33 per cent towards the consolidated turnover of Zomato and 0.02 per cent towards the consolidated net worth of the company.
 
"Given the small overall size of the business of the table reservation and management in USA, company has decided to divest and consequently shut down this business in USA," the filing said.
 
Zomato added that none of the buyers belong to its promoter group. On Tuesday, Zomato reported a net loss of Rs 360 crore for April-June quarter.

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