Zomato on Wednesday said its step-down subsidiary Zomato Inc has divested its stake in Nextable Inc for $100,000.
Zomato Inc has entered into a stock purchase agreement with Justin Doshi, Thusith Desilva and Robert Tyree for sale of shares held by it of Nextable Inc, another step-down subsidiary of the company, it said in a regulatory filing.
"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," it added.
The company had disclosed in its IPO Red Herring Prospectus dated July 6, 2021, and prospectus dated July 19, 2021, that Zomato Inc was in the process of divesting its entire shareholding in Nextable, it said.
The consideration received from such sale/disposal is $100,000, Zomato said.
Deccan Herald is on WhatsApp Channels| Join now for Breaking News & Editor's Picks