January 25, 2024
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Zomato gets RBI approval to operate as online payment aggregator
Zomato on Thursday announced that it has received authorisation by the Reserve Bank of India as an ‘Online Payment Aggregator’.
Online food delivery platform Zomato on Thursday announced that it has received authorisation by the Reserve Bank of India as an ‘Online Payment Aggregator’.
“Pursuant to our earlier disclosure dated August 4, 2021 regarding the incorporation of Zomato Payments Private Limited (“ZPPL”), a wholly owned subsidiary of Zomato Limited (“the Company”) to carry out the business, inter alia, as payment aggregator and issuer of pre-paid payment instruments, we wish to inform that ZPPL has been granted certificate of authorization dated January 24, 2024, from the Reserve Bank of India (“RBI”) to operate as an ‘Online Payment Aggregator’ in India with effect from January 24, 2024, as per the guidelines issued by the RBI,” Zomato said in an exchange filing.
Founded by Deepinder Goyal and Pankaj Chaddah in 2008, Zomato is a restaurant aggregator and food delivery company which connects customers, restaurant partners and delivery partners to serve their multiple needs. Customers use the platform to search and discover restaurants, give and read reviews, order food, book a table or dine out. While restaurant partners get an opportunity to engage customers along with a reliable delivery service.
Zomato has 80 million monthly active users as of March 2023. Accordingly, its payment aggregator business can achieve huge size in very short span as compared to other players.
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