Tuesday, July 16, 2024
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Zomato in Talks to Acquire Paytm’s Movies and Ticketing Business

Zomato, a leading online food delivery service, is currently negotiating with Paytm to purchase its movies and ticketing business. While discussions are ongoing, Zomato has not yet reached a decision that would require formal board approval.

The acquisition is part of Zomato’s strategy to expand its ‘Going-out’ business, which involves curating experiences like concerts and festivals through its Zomato Entertainment branch. The deal, if completed, would mark Zomato’s second significant acquisition after its purchase of Blinkit in 2021, a transaction that was valued at Rs 4,447 crore.

Earlier reports suggest that Paytm’s ticketing business could be worth around Rs 1,500 crore, but Zomato has not confirmed any financial details regarding the potential acquisition. Additionally, Zomato has recently increased its investment in Blinkit, allocating Rs 300 crore as it anticipates this sector to eventually outperform its primary food delivery service. Another Rs 100 crore is being directed to bolster Zomato Entertainment.

In related developments, Paytm has begun a restructuring process that includes layoffs, though specific numbers have not been disclosed. The company is also providing outplacement support to the affected employees, cooperating with over 30 companies to facilitate new job opportunities for those interested. Paytm ensures transparency and fairness during this transition by issuing pending bonuses to the employees involved.

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Tuesday, July 16, 2024

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