Zomato, the food delivery giant, has acquired Paytm's movie and event ticketing services for Rs 2048 crore. Paytm, which built its ticketing business in-house and acquired Insider and TicketNew for Rs 268 billion between 2017 and 2018, is now focusing on its core payments and financial services operations following a February order from the RBI. For Zomato, this move aligns with its efforts to expand its non-core businesses.
Zomato Acquires Paytm's Movie and Event Ticketing Services
Background:
Zomato, a leading online food delivery service in India, has expanded into new ventures in recent years. In 2020, it acquired Blinkit (formerly Grofers) to enter the grocery delivery market. Now, the company has taken another major step by acquiring Paytm's movie and event ticketing services.
Paytm, a dominant player in digital payments in India, had invested heavily in its movie and event ticketing business. It acquired Insider and TicketNew in 2017 and 2018, respectively. However, Paytm has recently refocused its efforts on its core payments and financial services operations, following a directive from the Reserve Bank of India (RBI) in February 2023.
Acquisition Details:
Zomato has acquired Paytm's movie and event ticketing services for Rs 2048 crore ($250 million). The transaction includes the transfer of Paytm's ticketing business, including its customer base and mobile application.
Rationale for Acquisition:
Zomato's acquisition of Paytm's ticketing services aligns with its broader strategy of expanding its non-core businesses. The company has been investing in areas such as food delivery, grocery delivery, and dining reservations. The addition of movie and event ticketing will further diversify Zomato's revenue streams and enhance its user experience.
Top 5 FAQs:
1. Why did Paytm sell its ticketing business? Paytm is focusing on its core payments and financial services operations following an RBI order.
2. How will this acquisition benefit Zomato? It will expand Zomato's non-core businesses and enhance its user experience by providing a comprehensive suite of services.
3. Will Paytm continue to offer movie and event ticketing? No, Paytm will no longer offer these services directly. Zomato will now be the sole provider through its platform.
4. Will Paytm customers need to create a new Zomato account? No, existing Paytm ticketing customers will be automatically migrated to Zomato.
5. How will this affect the competition in the movie and event ticketing market? Zomato will become a major player in the market, competing with established players like BookMyShow and PVR Cinemas.
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