Zomato Payments Relinquishes Licenses, Reports Strong Growth

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

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

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

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

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

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

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

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