In an exchange filing on Tuesday (July 2), Zomato said that it no longer wishes to pursue the lending/credit business
The company further said that the move will have no material impact on its revenues and operations
The development comes close on the heels of reports that Zomato was in talks with multiple NBFCS to offer working capital loans to its partner restaurants
Foodtech major Zomato
on Tuesday (July 2) said that its wholly-owned subsidiary Zomato Financial Services Limited (ZFCL) has decided to voluntarily withdraw its application for a non-banking financial company registration with the Reserve Bank of India.
In an exchange filing, the company said that it no longer wishes to pursue the lending/credit business.
The decision to withdraw the application was taken by the board of directors of ZFSL at a meeting held on July 2, the filings showed.
The company further said that the move will have no material impact on its revenues and operations.
The development comes close on the heels of reports that Zomato was in talks with multiple NBFCS to offer working capital loans to its partner restaurants.
(The story will be updated soon)