Zomato announced its decision to acquire Paytm’s movie and event ticketing business for ₹2,084.4 crore. The acquisition will enable Zomato to strengthen its ‘going out’ segment, which refers to its focus on providing services for dining, entertainment, and other leisure activities, while Paytm will refocus on its core operations. One97 Communications Ltd (OCL), Paytm’s parent company, confirmed the deal through a statement.
OCL has announced that it has entered into definitive agreements to sell its entertainment ticketing business, which includes movie, sports, and live event ticketing, to Zomato Ltd. The transaction, valued at ₹2,048 crores on a cash-free, debt-free basis, underscores the substantial value Paytm has created in the entertainment ticketing sector. According to the statement, Paytm’s ticketing services have catered to millions of Indian users, offering a wide range of choices and convenience.
Under the terms of the agreement, OCL will transfer its entertainment ticketing business to Zomato by moving it to its 100% subsidiaries, Orbgen Technologies Pvt Ltd (OTPL) and Wasteland Entertainment Pvt Ltd (WEPL), which will act as the entities through which the acquisition will take place. Zomato will then acquire 100% stakes in OTPL and WEPL, which operate the TicketNew and Insider platforms.
Paytm’s ticketing and entertainment options will remain available for the next 12 months. Users will be encouraged to transition to Zomato’s upcoming App dedicated to the ‘going out’ segment during this period. Zomato plans to launch the new app, named ‘District,’ and will incentivize customers to migrate to the platform by offering exclusive deals, discounts, and early access to new features.