Last month, Zomato had said that its board had approved incorporation of a wholly owned subsidiary of the company as NBFC
Food aggregator Zomato on Saturday said it has incorporated a wholly owned non-banking financial company Zomato Financial Services Limited
Last month, Zomato had said that its board had approved incorporation of a wholly owned subsidiary of the company as NBFC. The NBFC will have a proposed authorised capital of Rs 10 crore and proposed paid-up capital of Rs 3 crore, it had said
We believe we can add significant value to, and improve the experience of, our platform partners with this initiative without requiring Zomato to allocate significant capital. Over the next few years, our focus will remain creating a great experience for our stakeholders and helping to grow our overall ecosystem rather than optimising for revenues or profits
Zomato narrowed it consolidated net loss to Rs 63 crore for the quarter ending December 31, 2021 from Rs 352.6 crore in the year-ago period. It had posted a net loss of Rs 429 crore in the preceding September quarter.
Revenue from operations rose 82.47 per cent to Rs 1,112 crore during December quarter as against Rs 609.4 crore in the year-ago quarter.
Shares of Zomato on Friday ended 0.45 per cent higher at Rs 78.80 on the BSE
With respect to "incorporation of wholly owned subsidiary of the company as non-banking finance company, we wish to intimate Zomato Financial Services Limited, wholly owned subsidiary of the company, has been incorporated on February 25, 2022," the company said in an exchange filing on Saturday.
Earlier this month, in its earnings release, Zomato had said that it was in the process of setting-up its own NBFC which will allow the company to extend short term credit to its ecosystem -- delivery partners, customers and restaurant partnersWith respect to "incorporation of wholly owned subsidiary of the company as non-banking finance company, we wish to intimate Zomato Financial Services Limited, wholly owned subsidiary of the company, has been incorporated on February 25, 2022," the company said in an exchange filing on Saturday.
Zomato provides an option for foodies to follow their friends so that they can know what their friends eat and what they like. They can also discover more from the places nearby. You can enjoy offers and promos as well as no need to wait for your delivery.
In December 2020, zomato signed a pact with InCred, a non-banking finance company, under which the latter will extend loans to restaurant partners. The coronavirus (Covid-19) pandemic hit the food delivery industry hard leading to a sharp decline in gross merchandise value.
Zomato Ltd, restaurant aggregator and food delivery company, has decided to foray into the financial services business and has decided to create a non-banking finance company (NBFC) as a wholly-owned subsidiary for the purpose.
The proposed paid-up capital of NBFC will be Rs 3 crore, while the authorised capital is pegged at Rs 10 crore. The name of the company is being finalised subject to approval by the Ministry of Corporate Affairs, Zomato said in a filing with the BSE.
nice
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