Zomato withdraws NBFC application and says it has no plans to get into credit business

Food and delivery major Zomato has decided not to go ahead with its plans to foray into the lending business. In a BSE filing, the company said that its wholly-owned subsidiary, Zomato Financial Services, has voluntarily withdrawn its application for a non-banking financial company (NBFC) licence with the Reserve Bank of India (RBI).

“The board of directors of ZFSL, a wholly owned subsidiary of Zomato Limited, at its meeting held today, i.e., July 2, 2024, has decided to voluntarily withdraw the application dated April 29, 2022, submitted with the Reserve Bank of India (“RBI”) for getting certificate of registration for undertaking the business of a non-banking financial company