Zomato to acquire Paytm's movie ticketing business? What Deepinder Goyal's company said

Deepinder Goyal's company said that this plan aligns with Zomato's vision to expand its 'going out' offerings.

Updated on: Jun 17, 2024, 08:49:31 IST

By HT News Desk

Prefer HTon Google

Share via

Copy link

Food delivery giant Zomato said that it is in discussion to acquire Paytm's movie ticketing and events business. The company issued a clarification in a communication to the exchanges after it was reported that negotiations are continuing over a ₹1,500-crore deal between One97 Communications Ltd, Paytm's parent company and Zomato. The talks are reportedly in advanced stages.

Deepinder Goyal's company issued a clarification in a communication to the exchanges after it was reported that negotiations are continuing over a ₹1,500-crore deal.

What Zomato said on talks with Paytm on movie ticketing business?

On this, Zomato said, “We acknowledge that we are in discussions with Paytm for the transaction, however, no binding decision has been taken at this stage that would warrant a Board approval and subsequent disclosure in accordance with applicable law.”

Why is Zomato interested in Paytm's movie ticketing business?

The company further said, "The discussion is being undertaken with an intent to further strengthen our going-out business and is in line with our stated position of focusing only on our four key business."

Will the deal be bigger than Zomato's purchase of Blinkit?

If finalised, this acquisition would mark Zomato's second-largest purchase after it took over quick commerce platform Blinkit in 2021 in an all-stock deal valued at ₹4,447 crore.

Why Paytm may be interested in the deal?

Regulatory measures have compelled Paytm to establish new partnerships with other lenders, Bloomberg reported.

How much is Paytm's movie ticketing business worth?

Paytm does not separately disclose figures for its movie and events ticketing business but the company said that it recorded annual sales of 17.4 billion rupees in the fiscal year ending March 2024 for its broader marketing services segment. This includes credit card marketing and gift vouchers as well.

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Stay updated with the latest Business News, stock market updates, petrol and diesel prices, gold and silver rates, income tax updates and major developments from India and across the world.