NEW DELHI:
One 97 Communications
Limited, the parent company of
Paytm
on Wednesday said that it will sell its entertainment ticketing business to
Zomato
for Rs 2,048 crore.
The entertainment ticketing services, including movies, sports, and events, will remain available on the Paytm app during a transition period of up to 12 months.
“One 97 Communications Limited (OCL)…today announced, that it has entered into definitive agreements for the sale of its entertainment ticketing business that includes movies, sports and events (live performances) ticketing to Zomato Limited,” the company said.
The transaction, amounting to Rs 2,048 crore, highlights the significant worth Paytm has generated via its entertainment ticketing division and delivered value to countless consumers across India by offering a wide range of options and accessibility through its services and extensive reach, the company added.
Paytm spokesperson said, “We built the entertainment ticketing business by addressing the market needs of the time. Today, as it transitions to Zomato ownership, we thank every team member who contributed to building this business. It has been a privilege to grow this business with an incredible team. This move allows us to continue focusing on long-term growth in our core areas and value creation for all stakeholders.”
(With input from agencies)
