Zomato, the leading online food delivery platform, has secured authorization from the Reserve Bank of India (RBI) to operate as an ‘Online Payment Aggregator.’ The certification, effective from January 24, 2024, positions Zomato Payments Private Limited (ZPPL), its subsidiary, to function as an online payment facilitator in accordance with RBI guidelines. Zomato’s CEO, Deepinder Goyal, recently shared the platform’s remarkable performance on New Year’s Eve, underlining its continued growth and market influence.
Zomato’s RBI Approval
In a recent exchange filing, Zomato disclosed the RBI’s grant of a certificate of authorization to ZPPL, enabling it to operate as an ‘Online Payment Aggregator’ in India. This regulatory approval marks a strategic milestone for Zomato as it expands its services to include online payment aggregation, enhancing the platform’s user experience and financial capabilities.
Market Response and Share Performance
Following the announcement, Zomato’s shares experienced a market response, trading at ₹136.00 when markets closed. The company’s current market capitalization stands at ₹1,18,468 crore, reflecting its prominent position in the online food delivery sector.
Record-breaking Performance on New Year’s Eve
Zomato CEO Deepinder Goyal highlighted the platform’s outstanding performance on New Year’s Eve 2023. The food delivery giant accomplished a remarkable feat by delivering almost as many orders on this celebratory occasion as it did in the cumulative years from 2015 to 2020. Goyal expressed excitement about the platform’s future prospects, showcasing Zomato’s sustained growth and impact on the market.
Exploring Strategic Acquisitions
In a strategic move, Zomato reportedly made an offer to acquire Shiprocket, an Indian e-commerce shipping startup, last December. While the offer valued Shiprocket at approximately $2 billion, no final decision was confirmed, leaving the potential acquisition open to future considerations.
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER
