Zomato Incorporates Digital Payments Subsidiary ‘Zomato Payments’

Zomato Incorporates Digital Payments Subsidiary ‘Zomato Payments’

SUMMARY

Zomato Payments will be used to carry on the business of providing payment aggregator services and payment gateway services

Zomato Payments is incorporated with an initial subscription of 10,000 equity shares of INR 10 each

Last year, Zomato’s rival Swiggy launched ‘Swiggy Money’ in association with ICICI Bank

Food delivery giant Zomato has incorporated a wholly owned subsidiary – Zomato Payments Private Limited – to provide payment services and technology services for its users. According to the company filings, the payment subsidiary was incorporated on August 4, 2021. 

As per the filings, Zomato Payments Private Limited (ZPPL) will be used to carry on the business of providing payment aggregator services and payment gateway services in accordance with the Reserve Bank of India (RBI) rules and regulations. The Gurugram-based startup said that ZPPL will issue, implement, undertake, assist, offer, distribute, or otherwise promote such services, schemes and projects including electronic and virtual payment systems services, e wallets, mobile-wallets, cash cards to consumers, among others. 

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