Zomato announces wholly owned subsidiary to handle Payments

Source :Sify
Author :Finance Desk
Last Updated: Fri, Aug 6th, 2021, 02:18:14hrs
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New Delhi: Food app Zomato has announce launching a wholly owned subsidiary called Zomato Payments Private Limited.

In a notification to the exchange houses on Wednesday, Zomato revealed that the new subsidiary would cater to payment and technology services.

The objective of setting up a payments division is to carry on the business of providing payment aggregation and gateway services in accordance with RBI rules and regulations.

ZPPL would also issue, implement, undertake, assist, offer, distribute and promote such services, schemes and projects including but not limited to issue of all types of electronic and virtual payment systems e-wallets, mobile wallets, cash card to consumers and set up of payment and settlement systems.

The payment gateway services includes a host of other services including prepaid and post-paid payment instruments, closed or semi-closed systems as well as direct debit facility on mobile.

In the draft filing, ZPPL is said to be "incorporated with an initial subscription of 10,000 equity shares of Rs 10 (Rupees Ten Only) each aggregating a total of Rs 1,00,000 (Ruoees One Lakh Only)"

Currently, consumers ordering food via Zomato get a number of payment options including PayTm, Google Pay, UPI etc. Zomato Payments could also be an option to pay for consumers. 

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