Zomato buys Paytm’s ticketing businesses Insider and TicketNew for Rs 2,048 crore
Zomato on Wednesday said it will buy Insider and TicketNew, the entertainment, sports and event ticketing business, from Paytm operator One 97 Communications Ltd for Rs 2,048 crore. The two companies had earlier acknowledged that they were in talks on a deal for Insider and a possible sale of Paytm’s entertainment vertical was being considered. According to Paytm, the deal
One 97 Communications said in a separate statement that the company’s entertainment ticketing business, which includes movies, sports and events, will continue to be available on the Paytm app during a transition period of up to 12 months.
Orbgen Technologies Pvt Ltd, which operates TicketNew- the movie ticketing business, has an authorised share capital of Rs 25 crore. On Wednesday, Zomato shares closed 1.2% lower at Rs 259.95 on the Bombay Stock Exchange, while One 97 Communications shares rose 0.4% to close at Rs 574.90. While the country’s benchmark BSE Sensex gained 0.1%.
