Zomato Acquires Paytm's Ticketing Business for ₹2,048 Crore ($244 Million) in Cash Deal

Aug 21, 2024, 03:40 PM

Zomato, the Indian food delivery giant, has agreed to acquire Paytm's entertainment ticketing business for ₹2,048 crore ($244 million) in cash. This acquisition includes Paytm's movie and events ticketing units, such as Paytm Insider and TicketNew. The deal involves a share purchase and subscription agreement with One 97 Communications, Wasteland Entertainment, and Orbgen Technologies. It is part of Zomato's strategy to expand beyond food and grocery delivery, leveraging its existing ticketing operations. Approximately 280 employees from Paytm's ticketing business will transition to Zomato. The transaction underscores Paytm's focus on strengthening its core payments and financial services distribution.