Indian food delivery giant has launched its own Non Banking Financial Company (NBFC) named Zomato Financial Services Limited. In its earnings release for the quarter ended on 31st December, 2021, the company had state that it was in the process of setting up its own NBFC which will allow it to extend short-term credit to its ecosystem, including its 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 said.
The NBFC will have a proposed authorised capital of Rs 10 crore and proposed paid-up capital of Rs 3 crore. “With respect to the 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 company said in an exchange filing on Saturday.
In other news, Zomato was added to the Nifty Next50 index recently alongside PayTm and Nykaa.
Highlight by Aman Agarwal.