Business Update2 Jul 2024, 10:02 pm
Zomato Subsidiary Drops Plan for NBFC License
AI Summary
Zomato Limited has announced that the board of directors of its wholly owned subsidiary, Zomato Financial Services Limited (ZFSL), has decided to voluntarily withdraw its application for a Non-Banking Financial Company (Type II NBFC-ND) license from the Reserve Bank of India. This decision comes as ZFSL no longer wishes to pursue the lending/credit business. The company has assured that this disclosure has no material impact on its revenue or operations.
Key Highlights
- Zomato Financial Services Limited withdraws NBFC license application
- Decision to not pursue lending/credit business anymore
- No material impact on Zomato Limited's revenue or operations
- Disclosure made voluntarily
- Available on Zomato Limited's website