Zomato Receives RBI Approval for Online Payment Aggregator Role

Zomato, the renowned online food delivery platform, has recently gained approval from the Reserve Bank of India (RBI) to operate as an 'Online Payment Aggregator.' The authorization, granted to Zomato Payments Private Limited (ZPPL), a wholly owned subsidiary, enables the company to function as a payment aggregator and issuer of prepaid payment instruments. This milestone positions Zomato to play a significant role in the digital payment landscape, aligning with RBI guidelines.

The announcement comes in the wake of Zomato CEO Deepinder Goyal's revelation that the platform achieved a remarkable feat on New Year's Eve 2023 by delivering nearly as many orders as the combined total of NYE 15, 16, 17, 18, 19, and 20. The company's expanding influence in the online food delivery sector is evident, and this RBI approval further strengthens its position in the broader financial technology ecosystem.

As of the latest market data, Zomato's shares were trading at ₹136.00, with a market cap of ₹1,18,468 crore. The regulatory approval signifies a strategic move by Zomato to diversify its services and contribute to the evolving digital payment landscape in India. This development is expected to bring new opportunities for Zomato and enhance user convenience by integrating payment solutions into its platform.

In addition to its success in the food delivery sector, Zomato has been exploring potential acquisitions to expand its business portfolio. Reports surfaced in December about Zomato's offer to acquire Shiprocket, an Indian e-commerce shipping startup. While the offer valued Shiprocket at approximately $2 billion, no final decision had been reached at the time of reporting.

Zomato's foray into the realm of online payment aggregation aligns with its commitment to providing comprehensive and integrated services to users. The RBI's certification underscores Zomato's compliance with regulatory standards and positions the company to contribute significantly to the digital transformation of India's financial landscape.