Zomato shuts down wallet business despite ₹175 crore profit

In an unexpected move, Zomato has shut down its wallet and payment aggregator business, as it has surrendered the licence back to the government. This was unexpected, because Zomato has announced a profit of ₹175 crore in the last quarter, even as revenues surged 71%. It was expected that Zomato would expand the digital payments and wallet business.