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Zomato in talks to buy Paytm's ticketing unit

To streamline operations, Paytm is steering away from non-core businesses and focusing on reducing employee costs. This includes reviewing its involvement in areas such as cross-border business and software as a service (SaaS) to banks.

News Arena Network - New Delhi - UPDATED: June 16, 2024, 08:55 AM - 2 mins read

Zomato, the leading food delivery service, is reportedly in advanced negotiations to acquire Paytm's movie ticketing and events business, a move that aligns with Zomato's strategic plan to enhance its 'going out' offerings.

Zomato in talks to buy Paytm's ticketing unit


Zomato, the leading food delivery service, is reportedly in advanced negotiations to acquire Paytm's movie ticketing and events business, a move that aligns with Zomato's strategic plan to enhance its 'going out' offerings.

 

According to sources, the potential deal could be valued between ₹1,600 crore and ₹2,000 crore.

 

This acquisition, if successful, would mark Zomato's second-largest purchase after its acquisition of Blinkit (formerly Grofers) in 2022 for $569 million in an all-stock deal.

 

The talks are occurring as Paytm shifts its focus towards its core payments and financial services businesses.

 

Sources indicate that Paytm is currently consolidating its movies and insider verticals into a single team, which could facilitate the transition. Efforts to reach both Paytm and Zomato for comments were unsuccessful at the time of the press.

 

In a recent regulatory filing, Zomato announced plans to invest ₹100 crore in its entertainment segment, which includes live events and ticketing.

 

Paytm, led by Vijay Shekhar Sharma, is doubling down on its payments and financial services, aiming to regain lost ground by focusing on scalable commerce.

 

The company is prioritizing digital goods commerce, including segments like deals, gift vouchers, and travel, which support merchant growth and overall sales.

 

“Paytm wants to focus on scalable commerce. The company’s focus will continue to be on digital goods commerce so segments like deals, gift vouchers, and travel, which help its merchants to scale their business and boost overall sales,” sources said.

 

To streamline operations, Paytm is steering away from non-core businesses and focusing on reducing employee costs. This includes reviewing its involvement in areas such as cross-border business and software as a service (SaaS) to banks.

 

“If you notice the cost structure of overall engineering and technology, it has been larger than what a pure payment company would have had,” Sharma stated during an analyst call post-Q4 results.

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