Exciting : Zomato Seals ₹2,048 Crore Game-Changing Deal to Acquire Paytm’s Ticketing Business
New Delhi: Zomato is expanding beyond food delivery with its latest move into the “going-out” sector by acquiring Paytm’s movie and events ticketing businesses for ₹2,048 crore.
Key Acquisition Details
The acquisition, announced on August 21, is a cash-free, debt-free transaction. Zomato will take over Paytm’s ticketing operations, including movie, sports, and events ticketing services, managed by Paytm’s subsidiaries Orbgen Technologies Pvt. Ltd. and Wasteland Entertainment Pvt. Ltd., known for TicketNew and Insider.
Strategic Move
This acquisition aligns with strategy to create a one-stop shop for entertainment and dining experiences, challenging BookMyShow’s market dominance. The deal also includes the transfer of around 280 Paytm employees to the food delivery company , facilitating smooth integration.
Transition Period
During a 12-month transition period, Paytm will continue to offer ticketing services on its app while gradually redirecting users to Zomato’s new app, District, which will consolidate entertainment and lifestyle services.
Impact on Paytm
Paytm’s entry into entertainment ticketing began between 2017 and 2018 with the acquisition of TicketNew and Insider for ₹268 crore. Despite growing the business to a gross merchandise value (GOV) of ₹2,000 crore in FY24, Paytm is now focusing on its core payments and financial services.
Zomato’s Growth Strategy
By acquiring Paytm’s ticketing business, Zomato aims to diversify its offerings, building on its “going-out” segment, which generated ₹3,225 crore in GOV in FY24. The upcoming District app will further enhance the company’s position in the entertainment and dining market.
This bold move into the ticketing space signifies its ambition to become a comprehensive platform for consumers seeking entertainment and dining experiences.
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