Zomato, an online meal delivery app, and Paytm have reached a significant agreement. By this, Zomato would pay Paytm Rs 2,048 crore to sell its entertainment ticketing business. This deal includes access to Paytm’s Insider platform as well. Paytm, a fintech startup, wishes to sell its non-core assets. In an exchange filing, the under investigation Paytm stated that following the acquisition, it will concentrate on its primary business of distributing financial services and making payments. Paytm Payment Bank was recently suspended by the RBI for violating KYC regulations.
Additionally, 280 Paytm workers will join Zomato.
Zomato will acquire Paytm’s entertainment ticketing businesses, TicketNew, and Insider Platforms, which are in the cinema, sports, and live performance ticketing sectors. As per this agreement, about 280 employees of Paytm’s entertainment ticketing division will also join Zomato. During the one-year transition period, movie and event tickets will be available on the Paytm app as well as TicketNew and Insider platforms.
Paytm’s balance sheet will be strengthened
According to Paytm’s information. The deal will be advantageous to the company and the funds acquired will improve its balance sheet. According to numerous media reports in June. An agreement between Paytm and Zomato involving the ticketing business was expected to be finalized soon. Given the ongoing conversations between the two businesses. In FY24, Paytm’s entertainment ticketing division brought in Rs 297 crore in revenue. The Paytm platform has been used by over a crore people to purchase tickets.
This agreement will help Zomato’s “going-out” company.
Tickets for physical experiences like dining at restaurants. And live events like Zomaland are already available through the food delivery app. Deepinder, co-founder and CEO of Zomato Goyal said that taking over this business will enable the company to offer new use cases (such as movie and sports ticketing) to customers and expand the business.
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