In talks with Paytm to acquire its movies and events biz: Zomato
Online food delivery platform Zomato on Sunday confirmed that it is in discussions with financial services major Paytm for acquiring its movies and ticketing business but “no binding decision has been taken at this stage”.
IANS
Jun 16, 2024 11:27
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New Delhi, June 16 (IANS) Online food delivery platform Zomato on Sunday confirmed that it is in discussions with financial services major Paytm for acquiring its movies and ticketing business but “no binding decision has been taken at this stage”.
In a stock exchange filing, the company said the discussion to acquire Paytm’s movies and ticketing business 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 businesses currently.”
Reports earlier claimed that the potential deal could value Paytm's movies and ticketing business at around Rs 1,500 crore.
However, Zomato did not divulge any financial details at this stage.
“We acknowledge that we are in discussions with Paytm for the aforementioned 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,” said Zomato in its filing.
If finalised, this acquisition would be Zomato's second-largest purchase, following its acquisition of quick commerce platform Blinkit in 2021, which was an all-stock deal worth Rs 4,447 crore.
Meanwhile, Zomato has invested Rs 300 crore in Blinkit, as this segment is projected to surpass its core food delivery business.
Additionally, the company will also infuse Rs 100 crore in Zomato Entertainment, its events arm, which specialises in curating and selling tickets for concerts, parties, and festivals.
