In an exchange filing on 21st August, the digital payments firm Paytm said Zomato will acquire the movie and events ticketing businesses of Paytm for Rs 2,048 crore.
Paytm said it will now focus on core payments strengthening and distribution of financial services.
Parent Organization of Paytm – One 97 Communications Limited said, “Paytm agrees to sell Entertainment Ticketing Business to Zomato for Rs 2,048 cr; strengthens focus on core payments and financial services distribution.”
Update: We’re excited to share that we’ve entered into agreements to sell our entertainment ticketing business, including movies, sports, and events, to Zomato for ₹2,048 cr. This move allows us to focus more on core payments & financial services. We built movie ticketing from… pic.twitter.com/TRnBUiIlTW
— Paytm (@Paytm) August 21, 2024
Further, it said “this deal, valued at Rs 2,048 crores on a cash-free, debt-free basis, stands as a testament to the value Paytm has created through its entertainment ticketing business, bringing choice and convenience to millions of Indians with its services and scale.”
In 2017 and 2018, Paytm developed movie ticketing and paid Rs 268 crores to purchase TicketNew and Insider.
The Paytm spokesperson said, “We built the entertainment ticketing business by addressing the market needs of the time. Today, as it transitions to Zomato ownership, we thank every team member who contributed to building this business. It has been a privilege to grow this business with an incredible team. This move allows us to continue focusing on long-term growth in our core areas and value creation for all stakeholders.”
Source: https://x.com/Paytm/status/1826309478763167795