According to media reports, Zomato has entered into a deal to acquire Paytm's entertainment ticketing business for Rs 2,048 crore. The acquisition includes movie, sports, and event ticketing services offered by Paytm under its subsidiaries, Orbgen Technologies (TicketNew) and Wasteland Entertainment (Insider).
As per media reports, One97 Communications, Paytm's parent company, stated that these services will remain accessible on the Paytm app for up to 12 months during the transition period. The sale of these businesses, including the transfer of around 280 employees, is expected to help Paytm focus more on its core payments and financial services distribution.
Media reports highlight that Paytm originally built its entertainment ticketing business through strategic acquisitions between 2017 and 2018. The company believes this move will strengthen its focus on long-term growth in its core areas while enhancing value for its stakeholders.
