One 97 Communications Limited, the parent company of Paytm, announced on Wednesday that it has agreed to sell its entertainment ticketing business to Zomato Limited in a deal valued at ₹2,048 crore. This strategic move marks a significant shift in the entertainment ticketing landscape.
Transition Period for Users
The entertainment ticketing services, which include movie, sports, and event bookings, will continue to be available on the Paytm app for a transition period of up to 12 months. During this time, users can still access the services they are accustomed to while the integration with Zomato is completed.
Strategic Deal
According to Paytm, the sale underscores the substantial value the company has built through its entertainment ticketing business. This segment has provided millions of Indians with convenient access to tickets for various entertainment events. The deal with Zomato highlights the scale and impact Paytm has achieved in this domain.
Definitive Agreements Signed
Paytm confirmed that definitive agreements have been signed for the transaction. The sale will include all aspects of the entertainment ticketing business, from movies to live performances, further expanding Zomato’s footprint in the entertainment sector.
This acquisition by Zomato aligns with its strategy to diversify its offerings and enhance user experience, while Paytm continues to streamline its business operations.
