Zomato To Acquire Paytm's Ticketing Business In Rs 2,048 Crore Deal

One 97 Communications (OCL), the parent company of Paytm has signed definitive agreements to sell its entertainment ticketing business, including movies, sports and live events to Zomato for Rs 2,048 crores on a cash-free and debt-free basis.

As part of this agreement, OCL will transfer its entertainment ticketing business to Zomato by moving the business to its wholly-owned subsidiaries, Orbgen Technologies (OTPL) and Wasteland Entertainment (WEPL), and by selling 100 per cent of its stake in these subsidiaries, which operate the TicketNew and Insider platforms, respectively to Zomato.

Approximately 280 employees from the entertainment ticketing business will also be transferred. The transaction value will be adjusted for cash and net working capital at closing, with finalisation contingent on meeting agreed-upon conditions precedent.

During a transition period of up to 12 months, movie and event tickets will remain accessible on the Paytm app as well as on the TicketNew and Insider platforms, ensuring a seamless and uninterrupted experience for users and merchant partners, Paytm disclosed in a statement.