Asian Mail
In a strategic move, Zomato will acquire Paytm’s entertainment and ticketing business for Rs 2,048 crore, expanding its presence in the ‘going-out’ segment. The acquisition, approved by both companies’ boards on August 21, involves the transfer of Paytm’s movie and sports ticketing businesses to Zomato’s subsidiaries, OTPL and WEPL, via a slump sale.
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This deal marks Zomato’s ambitious expansion beyond food delivery, following the launch of its ‘District’ app, which consolidates dining and ticketing services. Zomato aims to offer a broader array of lifestyle services, including movies, sports ticketing, live performances, shopping, and staycations, all within a single platform.
The ‘going-out’ segment has already achieved a run-rate of over $500 million annualized Gross Order Value (GOV) and is profitable. Meanwhile, Paytm will focus on its core financial services offerings.
(Courtesy moneycontrol)
