Ahead of its initial public offer (IPO), foodtech company Zomato has converted itself into a public limited company and has also altered its memorandum of association for the new entity to include the possibility of setting up and run its own hotels and restaurants.

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As per regulatory filings sourced from Tofler, Zomato converted itself from a private limited company to a public limited company and renamed itself to 'Zomato Ltd' from 'Zomato Private Ltd'. Entrackr was the first to report on the development.

The company said it is considering filing a draft red herring prospectus with SEBI for the IPO. Zomato added that it proposed to convert into a public company in accordance with the provisions of the Companies Act, 2013. The company also amended the Memorandum of Association, in which it listed out the main objects to be pursued by the public company:

Some of the objects listed by the company include:

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, presevation 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.

First Published:Apr 14, 2021 8:58 PM IST