Zomato in the food delivery sector has started discussions to buy Paytm's movie ticketing and events business. Both companies have also confirmed reports that Zomato is in talks with Paytm's parent company One97 Communications for a deal worth around Rs 1,500 crore.
Zomato, in its regulatory disclosure to the capital market, has clarified that the transaction is currently under discussion with Paytm. However, no decision has been taken in this regard yet. The transaction has not yet reached a stage where the Board of Directors and other necessary approvals must also be completed. The company is revamping loss-making businesses. Zomato says it currently focuses on four core businesses.
Blinkit was acquired by Zomato in 2021. This transaction was done for a consideration of Rs 4,447 crore. Now the company is all set to buy Paytm's movie ticketing and events business. Paytm has been cleared by regulators to enter into new partnerships. Annual sales through Paytm's movie ticketing and events business stood at Rs 1,740 crore in the 2023-24 financial year ended March-end.
