Photographer: Dhiraj Singh/Bloomberg
Zomato to acquire the movie and events ticketing businesses of Paytm’s for Rs 2,048 crore, digital payments firm said in an exchange filing on Wednesday.
The company said that it will now focus on strengthening the core payments and financial services distribution.
“Paytm agrees to sell Entertainment Ticketing Business to Zomato for Rs 2,048 cr; strengthens focus on core payments and financial services distribution,” said One 97 Communications Limited, which owns the Paytm brand.
“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,” the company further said.
The entertainment ticketing business, including movies, sports, and events, will remain available on the Paytm app during a transition period of up to 12 months, the company stated.
First Published: Aug 21 2024 | 9:05 PM IST
