Paytm Divests Entertainment Ticketing to Zomato in Rs 2,048 Crore Deal

Shares of One97 Communications climbed over 2% after announcing the sale of its entertainment ticketing business to Zomato for Rs 2,048 crore. The deal aims to help Paytm focus on its core financial services, while Zomato seeks to expand its offerings with movie and sports ticketing.

Shares of Paytm's owner, One97 Communications, rose over 2% in morning trade on Thursday following the company's announcement of selling its entertainment ticketing business to Zomato for Rs 2,048 crore.

The stock price climbed to Rs 585.05 on the BSE and Rs 584.50 on the NSE, showing a significant intraday increase. Meanwhile, Zomato's shares remained flat at around Rs 260.

This strategic move allows Paytm to concentrate on its core financial services, while Zomato aims to expand its user base by integrating movie and sports ticketing into its platform. The transition period for the entertainment ticketing service on the Paytm app will last up to 12 months.

(With inputs from agencies.)