Indian food aggregator Zomato has incorporated a wholly-owned subsidiary of the company, a non-banking financial company (NBFC) called Zomato Financial Services Ltd.
“We wish to intimate Zomato Financial Services Ltd, a wholly-owned subsidiary of the company, which was incorporated on February 25, 2022,” the company informed the exchanges on Saturday.
The company in its earnings release for the quarter ended December 31, 2021, had said it was in the process of setting up its own NBFC company, which will allow it to extend short-term credit to its ecosystem, including its delivery partners, customers and restaurant partners.
“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,” it said.
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,” it r added.