Zomato Shuts Down Wallet Focuses on Core Business, Surrenders Payment License

Food delivery giant Zomato recorded a strong financial performance for FY2014, posting a net profit of Rs 175 crore and a growth of 71% to Rs 3562 crore. However, in a surprise move, Zomato has opted to surrender the payment aggregator license it recently received from the RBI.

This change in strategy comes despite Zomato achieving a 26.8% rise in consolidated net profit and exceeding its topline growth target by a significant margin (61% vs. 40% estimated). The company also announced a new round of employee stock options. However, Zomato’s share price saw a slight decline, reflecting mixed market reactions.