Zomato has shut down practically all of its foreign operations, including those in the United States (US), the United Kingdom (UK), Singapore, and, most recently, Lebanon.
In the United Arab Emirates (UAE), the food aggregator business continues to function, albeit as a dining-out business rather than a food delivery service.
“We are also shutting down our operations in Lebanon, which is the only international business we were left with (other than dining-out business in UAE) after shutting down the rest of our international operations last year,” Zomato’s CEO Deepinder Goyal and chief financial officer Akshant Goyal said.
According to Zomato’s quarterly financial filings filed on November 10, three geographical regions have been identified as reportable segments.
The geographical segments are as follows:
India (I)
2) Emirates of the United Arab Emirates (UAE)
ROW (Rest of the World) (such as Australia, New Zealand, Philippines, Indonesia, Malaysia, USA, Lebanon, Turkey, Czech, Slovakia, Poland, Qatar, Ireland)
In terms of revenue, India is Zomato’s largest market, followed by the UAE.
According to the company’s financial statement, the shutdown of the Lebanon market coincides with the suspension of Zomato Foods Private Limited and Zomato Ireland Limited (Lebanon branch).
In the last quarter, the business also shuttered its Singapore-based Zomato Media Private Limited (ZMPL), UK-based Zomato UK Limited (ZUL), and US-based subsidiary Nextable Inc.
This is part of Zomato’s “clean up drive,” according to a company spokeswoman.
At the time, the UAE is Zomato’s only profitable market, at least before taxes.
Zomato has opted to concentrate its efforts on “growth geographies,” which are now less profitable than more established locations. In order to extend its e-commerce network, the corporation wants to invest over a billion dollars in Indian entrepreneurs over the next two years.
By betting on emerging entrepreneurs, the company hopes to build a network akin to that of Sanjeev Bikhchandani’s InfoEdge and Alibaba, the Chinese commercial juggernaut.