CORPORATE
Paytm to sell entertainment ticketing business to Zomato For Rs 2,048 crore
- IBJ Bureau
- Aug 22, 2024
Food delivery platform Zomato said on Wednesday that it would acquire the movie and events ticketing businesses of digital payments firm Paytm for a combined Rs 2,048 crore, as the food delivery platform looks to diversify beyond food.
The acquisition bolsters Zomato’s presence in India’s vast online ticketing market for movies and live events, currently dominated by Reliance-backed BookMyShow.
Paytm, which has been BookMyShow’s closest competitor since 2017, will now hand over its market share to Zomato by selling its Ticketnew platform, which sells movie tickets, as well as its Insider platform, which handles tickets to live events.
Paytm built its movie ticketing business in house and had acquired Insider and TicketNew for Rs 2,68 crore between 2017 and 2018.
However, the company is now exiting these businesses to focus on its core payments and financial services operations, following a February order from the RBI to wind down its banking unit.
For Zomato, the move aligns with its efforts to expand its non-core businesses, which include restaurant table booking services and an events organising and ticketing unit.
The two units, which accounted for 2 per cent of Zomato’s total revenue last year, were also its fastest-growing segments.
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