Zomato Incorporates Subsidiary Zomato Payments, Paytm, Phonepe Google Pay Latest Update – Food delivery platform Zomato to compete with Paytm and PhonePe
After the success of the Initial Public Offering (IPO), food delivery platform Zomato is now preparing to compete with digital payments company Paytm, PhonePe and Google Pay. Actually, Zomato has entered the digital payment business. For this, Zomato has formed a new company named Zomato Payments Private Limited.
Zomato has said in a regulatory filing that the services related to payment aggregator and payment gateway will be provided through this new company. These services will be provided as per the rules of Reserve Bank of India (RBI). Zomato Payments Private Limited has been started through 10 thousand equity shares. The face value of these shares has been fixed at Rs 10 per unit. Their total value is Rs 1 lakh.
Zomato raised more than 8 thousand crores from IPO: The food delivery platform has brought an IPO in the last month i.e. July itself. The company has raised more than Rs 8,000 crore through this IPO. Zomato’s IPO has received an overwhelming response from investors. Zomato’s shares were subscribed manifold during the IPO. This IPO of Zomato opened on July 14. The price band in this IPO was kept at Rs 72-76 per share. Before the IPO, Zomato had raised Rs 4,196.51 crore from anchor investors.
Up to 85% return given after listing: Zomato shares are outperforming the stock market. Post listing, the shares of the company have given returns of up to 85 per cent to the investors. After this, many brokerage houses have targeted up to Rs 170 on Zomato’s stock in the next one year. So far, the stock of Zomato has touched the highest level of Rs 147.80 per unit. At around 11.16 am on Thursday, Zomato’s shares were trading at Rs 133.30 per unit, down 3.62 per cent on the Bombay Stock Exchange.
PhonePe dominates UPI transactions: According to the latest data from the National Payment Corporation of India, PhonePe dominates the Unified Payments Interface (UPI) based payment system. PhonePe accounts for 46.04 per cent of the total UPI transactions. At the same time, Google Pay, the payment subsidiary of search engine Google, has a 34.63 percent stake in UPI transactions. Paytm accounts for 11.63 per cent of UPI payments, Amazon Pay 1.83 per cent and Yes Bank’s payments app accounts for 0.88 per cent.
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