Zomato Acquires Paytm's Entertainment Ticketing Business for Rs 2,048 Crore

Zomato is set to acquire Paytm's entertainment ticketing business for Rs 2,048 crore. The move aims to expand Zomato's going-out segment, while enabling Paytm to focus on core financial services. This transaction will transfer Paytm's movie and event ticketing platforms to Zomato, and a new app called 'District' will be launched.

Zomato is set to bolster its going-out segment by acquiring Paytm's entertainment ticketing business for Rs 2,048 crore. The deal, approved by both companies' boards, aims to enhance Zomato's service offerings while allowing Paytm to concentrate on core payments and financial services.

This acquisition includes Paytm's platforms for movies, sports, and events, which will be transferred to Zomato. The transaction involves the complete acquisition of Orbgen Technologies Pvt Ltd and Wasteland Entertainment Pvt Ltd, amounting to Rs 1,264.6 crore and Rs 783.8 crore respectively. A total of 280 employees from the entertainment ticketing business will also move to Zomato.

The key highlight of this acquisition is the planned launch of a new app called 'District,' aimed at consolidating various entertainment services under one brand. This strategic move is expected to create more value for both Zomato and Paytm, with the transition set to be completed over the next 12 months.

(With inputs from agencies.)