Zomato to give up RBI licence for e-payments

NEW DELHI: Zomato on Monday said its subsidiary has decided to voluntarily surrender the certificate of authorisation it obtained from RBI to operate as an online payment aggregator. “We do not see ourselves having a significant competitive advantage against the incumbents…,” Zomato said in a regulatory filing.
The food delivery major also reported a net profit of Rs 175 crore on a consolidated basis in the March quarter, aided by growth across businesses.This compares with losses of Rs188 crore that the firm had posted in the year-ago period.