Zomato to Acquire Paytm’s Movie Ticketing Business? Here’s What Deepinder Goyal’s Company Said
Deepinder Goyal’s company said that this plan aligns with Zomato’s vision to expand its ‘going out’ offerings.
Food delivery giant Zomato said that it is in discussion to acquire Paytm’s movie ticketing and events business. The company issued a clarification in a communication to the exchanges after it was reported that negotiations are continuing over a ₹1,500-crore deal between One97 Communications Ltd, Paytm’s parent company and Zomato. The talks are reportedly in advanced stages.
On this, Zomato said, “We acknowledge that we are in discussions with Paytm for the transaction, however, no binding decision has been taken at this stage that would warrant a Board approval and subsequent disclosure in accordance with applicable law.”
Deepinder Goyal’s company said that this plan aligns with Zomato’s vision to expand its ‘going out’ offerings.
Why is Zomato interested in Paytm’s movie ticketing business?
The company further said, “The discussion is being undertaken with an intent to further strengthen our going-out business and is in line with our stated position of focusing only on our four key business.”
Will the deal be bigger than Zomato’s purchase of Blinkit?
If finalised, this acquisition would mark Zomato’s second-largest purchase after it took over quick commerce platform Blinkit in 2021 in an all-stock deal valued at ₹4,447 crore.
Why Paytm may be interested in the deal?
Regulatory measures have compelled Paytm to establish new partnerships with other lenders, Bloomberg reported.
How much is Paytm’s movie ticketing business worth?
Paytm does not separately disclose figures for its movie and events ticketing business but the company said that it recorded annual sales of 17.4 billion rupees in the fiscal year ending March 2024 for its broader marketing services segment. This includes credit card marketing and gift vouchers as well.
NEW DELHI: The latest big problem staring at India's top internet companies is attrition, especially in their senior ranks. Flipkart, Read more
Mobile payments and e-commerce platform Paytm has announced the roll out of Aadhar-based e-Know Your Customer (e-KYC), a move that Read more
Electronics payments provider, Paytm is in chats with Japan's SoftBank Group to raise $1.2 to $1.5 billion in real money, Read more
Indian computerized installments firm Paytm propelled a specialty installments put money on Tuesday, intending to get 500 million clients in Read more
