Zomato Acquires Paytm's Entertainment Ticketing Business

Zomato, a food tech and quick commerce platform, is in the process of acquiring Paytm's cinema and ticketing business. The transaction has been in progress for the past three months between the two corporations.

This is Gurugram-based company's initial substantial acquisition subsequent to its acquisition of Blinkit in June 2022.

Paytm has reached an agreement to transfer its entertainment ticketing business to Zomato for Rs 2,048 crore in cash or $244 million.

One97 Communications, the parent company of Paytm, will transfer 100% ownership of its two subsidiaries, Orbgen Technologies (TicketNew) and Wasteland Entertainment (Insider), to Zomato.

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Additionally, the agreement will encompass 280 current employees from the two subsidiaries, Insider and TicketNew. To provide context, Paytm acquired TicketNew for $40 million in 2018, and the company led by Vijay Shekhar Sharma acquired Insider in May 2017.

During the transition period, the amusement ticketing business, which encompasses movie, sports, and live event ticketing, will continue to operate on the Paytm app for a maximum of 12 months. The transaction is anticipated to be finalized within this quarter, provided that all agreed-upon terms are met.

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