22 Aug 2024
Paytm will also transfer its 280 employees of the ticketing business to Zomato. This move will allow Zomato to expand its entertainment offerings, while Paytm will shift its focus back to fintech.
On August 21, the Zomato and One97 Communications (Paytm) boards approved the all-cash deal worth ₹2,048 crore, and the two startup giants informed the stock exchanges. Paytm will first transfer its entertainment ticketing business to its fully owned subsidiaries, Wasteland Entertainment, which runs the Insider platform, and Orbgen Technologies, which operates TicketNew.
Paytm’s stake in these companies will then be gradually transferred to Zomato over the next 12 months. Ticketing will continue to be available on the Paytm app during the transition.
Zomato has been expanding its offerings beyond dining out and running the food festival Zomaland. It will offer dining and ticketing services via its new ‘District’ app, which is expected to be launched within the next few weeks.
This move will allow the food delivery giant to add live events and movie ticketing to its list of services. Paytm offers entertainment ticketing for live events, movies, and sports.