Zomato to Acquire Paytm’s Movie and Events Ticketing Business for Rs 2,048 Crore

Zomato is set to acquire Paytm\'s movie and events ticketing businesses in a deal valued at Rs 2,048 crore, as announced by the digital payments giant in an exchange filing on Wednesday.

Following this strategic move, Paytm will sharpen its focus on strengthening its core payments and financial services distribution. One 97 Communications Limited (OCL), the parent company of Paytm, stated, ,“Paytm agrees to sell its Entertainment Ticketing Business to Zomato for Rs 2,048 crore, reaffirming our commitment to enhancing our core offerings in payments and financial services.”

The Rs 2,048 crore deal, executed on a cash-free, debt-free basis, underscores the significant value that Paytm has created through its entertainment ticketing arm. Over the years, Paytm has provided millions of Indians with choice and convenience through its extensive ticketing services and platforms.

As part of the deal, Paytm will transfer its entertainment ticketing operations to its wholly-owned subsidiaries, Orbgen Technologies Pvt Limited (OTPL) and Wasteland Entertainment Pvt Ltd (WEPL). Zomato will acquire a 100% stake in these subsidiaries, which manage the TicketNew and Insider platforms, respectively. The acquisition will also see approximately 280 employees from Paytm’s ticketing business transitioning to Zomato.

During a transition period of up to 12 months, Paytm’s entertainment ticketing services, including movies, sports, and events, will continue to be available on the Paytm app.

Paytm initially ventured into movie ticketing by acquiring TicketNew and Insider for Rs 268 crore between 2017 and 2018.