Zomato in talks to acquire Paytm's movie ticketing and events business

Mumbai: Food delivery giant Zomato has confirmed discussions with Paytm regarding the potential acquisition of its movie ticketing and events business. Speculation arose following reports of an advanced-stage negotiation for a Rs 1,500-crore deal between One97 Communications Ltd, Paytm's parent company, and Zomato.

In a statement to the exchanges, Zomato clarified, "We acknowledge that we are in discussions with Paytm for the transaction, however, no binding decision has been taken at this stage that would warrant a Board approval and subsequent disclosure in accordance with applicable law."

This move by Zomato is aimed at bolstering its 'going out' offerings, aligning with its strategy to focus on key businesses. The potential acquisition of Paytm's events and movie ticketing arm is seen as a strategic fit, complementing Zomato's ambition to cater to consumer demand in diverse categories such as food, grocery, and entertainment.

If successful, the sale would allow Paytm to concentrate on its core strengths in travel, deals, and cashback, pivotal for expanding its merchant base and enhancing overall sales.

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