पेटीएम का एंटरटेनमेंट और टिकटिंग बिजनेस खरीदेगी जोमैटो: 2,048 करोड़ रुपए में होगी डील, दोनों कंपनियों के बोर्ड ने दी मंजूरी

Online food delivery company Zomato will acquire Paytm’s entertainment and ticketing business for Rs 2,048.4 crore. This giant in the food delivery sector wants to expand its presence in the ‘going-out’ segment.

At the same time, troubled fintech major Paytm wants to focus on its core financial services offering. Both the companies said in exchange filings that cash transactions have been approved by the boards of Zomato and Paytm on August 21 (Wednesday).

Zomato had announced the launch of the new ‘District’ app
Earlier this month, Zomato announced the launch of a new app called ‘District’. This app combines the ‘going-out’ business with dining and ticketing (movies and events). This app is a major expansion beyond the company’s core food delivery services and hyper commerce.

Zomato CEO informed about this decision in a letter to the shareholders
Zomato CEO Deepinder Goyal revealed this decision in a letter to shareholders. Zomato has entered the series of lifestyle services.

The company will bring services like movies and sports ticketing on one platform
The company wants to bring multiple services like dining out, movies, sports ticketing, live performances, shopping and staycations on a single platform.

For Zomato, this segment is operating at a run-rate of over $500 million annualised gross order value (GOV) and is already profitable.

This business of Paytm recorded a revenue of Rs 297 crore in FY24
Meanwhile, Paytm’s combined entertainment ticketing business posted revenue of Rs 297 crore and adjusted EBITDA of Rs 29 crore in FY24.

Paytm said it built movie ticketing business from the ground up
Paytm said it built its movie ticketing business from the ground up and had acquired Insider and TicketNew for Rs 268 crore between 2017-2018.

The company’s entertainment ticketing business, which includes movies, sports and events, will continue to be available on the Paytm app during a transition period of up to 12 months.