Zomato Payments Relinquishes Licenses, Reports Strong Growth

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Zomato Payments Private Limited (ZPPL) relinquishes online payment licenses and withdraws application for prepaid payment instrument license.

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Resulting in an impairment loss of Rs 39 crore recorded in the company’s profit and loss statement.

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ZPPL pledges to maintain ongoing operations post-license revocation, ensuring continuity in service provision.

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Zomato remains committed to Unified Payments Interface (UPI) transactions, ensuring seamless payment experiences for users.

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Smart strategic move by Zomato to handle payments internally, reducing expenses and gaining control over digital payment processes.

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Despite license changes, ZPPL and Zomato continue to focus on delivering efficient payment solutions to users and merchants.

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Zomato reports significant financial performance, with Rs 175 crore profit and Rs 3,562 crore revenue for Q4 FY24.

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