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One 97 Communications Limited, the parent company of Paytm, announced on Wednesday that it will divest its entertainment ticketing business to food delivery giant Zomato for ₹2,048 crore ($244.2 million). The deal encompasses ticketing services for movies, sports, and live events. During a transition period of up to 12 months, these services will continue to be accessible through the Paytm app, according to the company.
In a statement, One 97 Communications Limited (OCL) confirmed that it has entered into definitive agreements to sell its entertainment ticketing business, which includes ticketing for movies, sports, and live performances, to Zomato Limited. The transaction, valued at ₹2,048 crore, highlights the significant value Paytm has built in its ticketing operations, which have brought convenience and choice to millions of Indian consumers.
Zomato's Strategic Foray into Online Ticketing
This acquisition marks Zomato's strategic entry into India's rapidly growing online ticketing market, which has been largely dominated by Reliance-backed BookMyShow. Since 2017, Paytm has been BookMyShow's closest competitor. With this sale, Paytm will transfer its market share to Zomato, including its ‘TicketNew' platform for movie tickets and its ‘Insider' platform, which manages ticketing for live events.
Paytm Exits Ticketing, Zomato Expands Its Reach
Paytm developed its movie ticketing business in-house and later acquired Insider and TicketNew for a combined ₹268 crore between 2017 and 2018. However, the company is now stepping away from these ventures to refocus on its core payments and financial services, especially following a February directive from the RBI to wind down its banking unit. For Zomato, this acquisition aligns with its strategy to diversify into non-core areas, such as restaurant table bookings and event management, which includes organizing and ticketing services. These segments, although contributing just 2% to Zomato's total revenue last year, have been its fastest-growing areas.
