Paytm operator One 97 Communications has agreed to sell its entertainment ticketing business to Zomato for ₹2,048 crore in cash, as part of its strategy to focus on its core payments and financial services operations.
Under the terms, the Paytm parent will transfer its entertainment ticketing business to its 100% subsidiaries—Orbgen Technologies, which runs TicketNew; and Wasteland Entertainment which manages Insider Platform. It will then sell 100% stake in these subsidiaries for ₹2,048 crore to Zomato on a cash-free, debt-free basis
The transfer will include about 280 existing employees from the entertainment ticketing business to Zomato.
During the transition period, which will last up to 12 months, movie and event tickets will still be accessible through the Paytm app, as well as on the TicketNew and Insider platforms.
“This move allows us to continue focusing on long-term growth in our core areas and value creation for all stakeholders.” a Paytm spokesperson noted.
Paytm expects to close the transaction within this quarter.
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