Zomato sets up payments aggregator in compliance with RBI guidelines

Food delivery platform Zomato said on Wednesday that it has incorporated a wholly-owned subsidiary called Zomato Payments Pvt Ltd.

The company has been formed to comply with the Reserve Bank of India regulations to “carry on the business of providing payment aggregator services and payment gateway services,” Zomato said in a regulatory filing.

“Zomato Payments Pvt Ltd (ZPPL) is incorporated with an initial subscription of 10,000 equity shares of Rs 10 each, aggregating to Rs 1,00,000,” the firm added in the filing.

The company’s Red Herring Prospectus in July had mentioned this development. “Our Board has, pursuant to a resolution dated June 21, 2021, approved the incorporation of a wholly-owned subsidiary of the company,