Zomato, the food-tech company has converted itself to a Public Limited Company from a Private Company, well ahead of its initial public offer (IPO). In order to include possibilities of setting up its own restaurants and hotels, it has amended its Memorandum of Association (MOA).
After the conversion, Zomato has changed its name from ‘Zomato Private Ltd.’ to ‘Zomato Ltd.’ as sourced from regulatory filings by Tofler.
Filing a red draft herring prospectus with SEBI for the IPO is also being considered by the Company. It further stated about proposing the conversion as in conformity with the provisions of the Companies Act, 2013.
After amending its MOA, it made some changes to its objects as a Public Company, which can be listed below:
Some Objects of the Company
- To run an internet portal to provide details of restaurants, menus etc
- To set up interface and telephone helplines including but not limited to fine dining, home delivery etc
- To act as collaborator, franchiser, marketer to hotels, restaurants, pubs etc
- To carry on business of manufacturers, producers, processors, distributors in soft drinks, preparation of fruit juices, instant foods etc
- To carry on business of consultants to hotels, holiday resorts, restaurants, etc
- To run an online marketplace for B2B, B2C transactions for consumer products, general merchandise etc
- To develop and operate logistics, delivery solutions, courier services etc
- To provide products and services through IT including service of drones etc
- The company also cited some 'matters necessary for furtherance of the objects', some of which include setting up hotels and restaurants and even cultivating land:
- To purchase land, run hotels, restaurants
- To cultivate land, establish poultry farms, etc
- To carry on business of cold storage, cooking, preservation of products, including as contractors for any govt body
- To buy, sell and deal in chicken, ducks, turkey, etc
- The company did not offer any comments on the regulatory filings.