Zomato will buy Paytm's entertainment ticketing business
Big deal in Zomato-Paytm: Paytm will sell its entertainment show ticketing business to Zomato for Rs 2048 crore. Paytm brand parent company One 97 Communications Ltd said on Wednesday that entertainment ticketing business, including films, sports and events, will be available on Paytm's app during a transition period of 12 months. One97 Communications has also informed about this deal through exchange filing.
Paytm will sell its entertainment show ticketing business to Zomato for Rs 2,048 crore. Paytm brand parent company One 97 Communications Ltd said on Wednesday that the entertainment ticketing business, including films, sports, and events, will be available on Paytm's app during a transition period of 12 months. The company said that this deal of Rs 2,048 crore reflects the value created by Paytm through the entertainment ticketing business.
With this acquisition, Zomato is now more firmly established in India's sizable online movie and live event ticketing market, which is currently dominated by BookMyShow, backed by Reliance. Paytm developed its movie ticketing business internally and paid ₹268 billion to acquire TicketNew and Insider in 2017 and 2018.
The company is now leaving these businesses in order to concentrate on its core payments and financial services operations, in response to the RBI's order from February to close down its banking unit.
