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Zomato incorporates payments subsidiary Zomato payments
August 05, 2021
Newly listed Zomato has joined a completely owned subsidiary in the name of Zomato Payments Private Limited, the organization informed the stock exchange in a regulatory filing on Thursday.
Zomato said that the objective of incorporating the subsidiary is to conduct the business of providing payment aggregator and payment gateway services as per the rules of the Reserve Bank of India.
The subsidiary will issue, execute, undertake, assist, offer, circulate, or otherwise promote such services, schemes and projects including a wide range of electronic and virtual payment systems, e-wallets, and cash cards, among others, to clients, said its filing.
Under Zomato Payments a payment and settlement system, payment gateway services, prepaid and postpaid payment instruments payment systems will be set up to offer payment services for all goods and services bills through mobile phones, the organization informed the stock exchange.
The subsidiary has been incorporated with an initial subscription of 10,000 equity shares of ₹10 each aggregating to ₹1, 00,000, Zomato said in its filing.
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