Thursday, November 21, 2024

Paytm sold this business to Zomato for 2000 crores after setback from RBI

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.

Paytm

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

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.

Paytm

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.

Read More: This Tata SUV became most selling car by beating Wagon R for the first position

🔥 Join Our Group For All Information And Update, Also Follow me For the Latest Information🔥
🔥 YouTube                 Click Here
🔥 Facebook Page                 Click Here
🔥 Instagram                 Click Here
🔥 Telegram Channel                 Click Here
spot_img
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Latest

You can make UPI payments without the internet! just remember this code

In the digital age, people complete the majority of their jobs online. Whether it is ordering or shopping, everything is done online these days....

No pin is required for UPI transactions! know this feature of Google Pay Lite

Digital payment system Google Pay has introduced a new UPI PIN-free 'Lite' option in an effort to facilitate transactions and speed up processing times....

New rule for credit cards! now you have to give this information

For those of you who also use credit cards, there are some crucial updates. Customers who use credit cards will now need to provide...

Pay attention when using UPI! take care of these things to avoid scam

Due to the rise in UPI usage, there is a significant chance of experiencing banking fraud. A number of cases of fraudsters taking advantage...

Now you can use your credit card to make UPI payments using GPay

India has seen a rise in the use of the UPI in recent years. It offers a quick and secure method of paying for...

Most Popular

Subscribe

* indicates required