Zomato Sets to Take on BookMyShow With ₹2048 Crore Acquisition from Paytm- All Details
Food delivery platform Zomato is acquiring Paytm’s movie and event ticketing business for a whopping $1.5 billion ₹2,048 crore. Zomato is a popular online platform in India that has been expanding its services from food and grocery delivery to live event and concert ticket bookings. While the entertainment ticketing business is dominated by Reliance-backed BookMyShow, Zomato’s expansion could threaten the company’s user base. Read more about Paytm and Zomato’s new deal.
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Zomato to take over Paytm’s ticketing business
According to Business Standards reportPaytm’s parent company One 97 Communications has announced that it will sell its “Entertainment Ticketing Business” to Zomato for ₹2,048 cr.” The acquisition comes after Paytm announced that it would be increasing its focus on payments and fintech. Zomato, on the other hand, has been a major part of the ticketing business for over a year, as several live events and concerts have been booked through the platform. However, now by acquiring Paytm’s ticketing services, the company can finally expand its offerings.
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In connection with this announcement, One 97 Communications Limited (OCL) said, “The deal is valued at ₹2,048 crore on a cashless, debt-free basis is a testament to the value that Paytm has created through its entertainment ticketing business, bringing choice and convenience to millions of Indians through its services and scale.” While Paytm is one of BookMyShow’s main competitors, Zomato could now emerge as the leading brand for the Entertainment Ticketing Business through acquisitions in the coming years.
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Reuters reported Paytm will continue to offer movie, sports and event ticketing services for the first 12 months until the transition is fully implemented on Zomato’s mobile app. In addition to the business, Zomato will also absorb around 280 employees from Paytm’s entertainment ticketing business to effectively transition and scale the platform.
Hence, Paytm may restrict some online payment and financial services based services to enhance its offering to its user base.
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