Food delivery platform Zomato confirmed on Tuesday that it is in talks with financial services major Paytm to sell its movie and ticketing business but “no commitment has been made at this stage”.
The company said in a press release that it is in discussions to acquire Paytm’s movie and ticketing business and plans to further strengthen its business overseas, in line with our focus on our four core businesses now.
Earlier reports suggested that the possible price for Paytm’s movie and tickets business would be around 1,500 crore.
However, Zomato does not disclose financial information at this time.
“We are aware that we are in discussions with Paytm regarding the above transactions, but no binding decisions have been taken at this stage to ensure board approval and subsequent disclosures in accordance with the regulations.” right,” Zomato said in a statement released.
If completed, it would be Zomato’s second-biggest acquisition after its acquisition of e-commerce platform Blinkit in 2021 in an all-out sale worth Rs 4,447 crore. Meanwhile, Zomato has invested Rs 300 crore in Blinkit as it expands the business beyond its food delivery business.
In addition, the company will infuse Rs 100 crore into its Zomato Entertainment venture, which specializes in planning and selling tickets for concerts, meetings and events.
