Food delivery giant, Zomato announced its plans to acquire Paytm’s movie and event ticketing businesses for a total consideration of Rs 2,048 crore.

One 97 Communications Limited (OCL), which owns the Paytm brand, said, “Paytm agrees to sell Entertainment Ticketing Business to Zomato for Rs 2,048 cr; strengthens focus on core payments and financial services distribution.”

Paytm further added, “This deal, valued at Rs 2,048 crores on a cash-free, debt-free basis, stands as a testament to the value Paytm has created through its entertainment ticketing business, bringing choice and convenience to millions of Indians with its services and scale.”

One Communications Limited will transfer its entertainment ticketing business to its wholly-owned subsidiaries, Orbgen Technologies Pvt Limited (OTPL) and Wasteland Entertainment Pvt Ltd (WEPL), which operate the TicketNew and Insider platforms, respectively. It will also transfer the 100% stake in these subsidiaries to Zomato. 

The entertainment ticketing company will also be moving about 280 of its present staff. The company declared that the movie, sports, and event ticketing business will be available on the Paytm app for a maximum of 12 months throughout the transition period.

In 2017 and 2018, Paytm developed movie ticketing and paid Rs 268 crores to purchase TicketNew and Insider.

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