Zomato on Saturday said it has incorporated wholly-owned NBFC (non-banking financial company), Zomato Financial Services Ltd.
Last month, Food aggregator Zomato had said that its board had supported the incorporation of a wholly-owned auxiliary of the organization as NBFC. The NBFC will have a proposed approved capital of Rs 10 crore and proposed settled up capital of Rs 3 crore, it had said.
As for “incorporation of wholly owned subsidiary of the company as non-banking finance company, we wish to intimate Zomato Financial Services Limited, wholly owned subsidiary of the company, has been incorporated on February 25, 2022,” the organization said in a trade documenting on Saturday.
Recently, in its earnings release, Zomato had said that it was currently setting up its own NBFC which will permit the organization to stretch out momentary credit to its ecosystem delivery partners, customers, and restaurant partners.
“We believe we can add significant value to, and improve the experience of, our platform partners with this initiative without requiring Zomato to allocate significant capital. Over the next few years, our focus will remain creating a great experience for our stakeholders and helping to grow our overall ecosystem rather than optimising for revenues or profits,” the company had noted.
