Zomato withdraws its NBFC licence application with RBI

On July 2, 2024, Zomato announced that its subsidiary, Zomato Financial Services Limited (ZFCL), has decided to voluntarily withdraw its application to operate as a non-banking financial company (NBFC). This decision marks Zomato’s exit from the lending business. ZFCL was established in February 2022, but the board decided to forgo pursuing a Type II NBFC-ND registration with the Reserve Bank of India (RBI). The company stated that this move will not impact its revenue or operations. This announcement follows Zomato Payment Private Limited's earlier voluntary relinquishment of its online payment aggregator license. Shares of Zomato closed at ₹209.05, up ₹5 on the BSE.