Monday, July 22, 2024
HomeStartup NewsZomato Confirms to Acquire Paytm Movies, Ticketing Business

Zomato Confirms to Acquire Paytm Movies, Ticketing Business

Zomato declared that it is in talks to buy Paytm’s movie and ticketing division.

The two companies have confirmed the claim that Zomato was considering paying roughly Rs 1,600-1,750 crore ($190-210 million) to acquire Paytm’s movie and ticketing segment.

Read also – Asia Funding News of This Week 9 June – 14 June 2024

The conversations take place at a time when Paytm is allegedly firing a lot of workers. In Q4, the company also experienced its first revenue loss following limits put in place by the Reserve Bank of India because of worries about regulatory compliance.

Paytm also acknowledged talks about possibly transferring its entertainment business, stating that these are still preliminary and non-binding discussions.

If the purchase goes through, it will rank among Zomato’s biggest acquisitions ever. The company previously bought Uber Eats in 2020 and Grofers (formerly Blinkit) in 2021 for an all-stock deal of Rs 4,447 crore.

According to Paytm, the company should begin to bounce back from Q2 given that its metrics for customers and merchants have stabilized or grown since April/May.

- Advertisement -
- Advertisment -

Most Popular