Zomato withdraws NBFC application, says no plans to pursue lending

Food and grocery delivery major Zomato has pulled the plug on its plan to enter the lending business. Zomato Financial Services, a wholly-owned subsidiary of Zomato, has withdrawn its application for a non-banking financial company (NBFC) licence with the Reserve Bank of India (RBI), stating that the company does not have plans to pursue lending in the future.

“There is no material impact on the revenue/operations of the company and this disclosure is being made voluntarily,” the Gurgaon-based company said in a regulatory filing on Tuesday.