Zomato to buy Paytm’s movie and events ticketing biz for ₹2,048 crore

Zomato is set to acquire Paytm’s entertainment and ticketing business for ₹2,048.4 crore or $244 million, as the food delivery giant aims to strengthen its presence in the “going-out” sector. Meanwhile, Paytm, facing challenges, intends to concentrate on its core financial services.

Both companies’ boards approved the cash transaction on August 21, as disclosed to the exchanges.

Under the agreement, One 97 Communications will transfer its movie ticketing business to its wholly-owned subsidiary OTPL and its sports and events ticketing business to another wholly-owned subsidiary, WEPL, through a slump sale.