Paytm Ticketing Business: About six months after RBI imposed a ban on Paytm Payment Bank, Paytm has decided to sell its online ticketing business to Zomato. This deal has been done between the two companies for Rs 2048 crore.

Paytm Zomato Deal: A big deal has been struck between Paytm and the online food delivery app Zomato. Under this, Paytm will sell its entertainment ticketing business to Zomato for Rs 2,048 crore. Paytm's Insider platform is also included in this deal. Fintech company Paytm wants to sell its non-core assets. Paytm, which is facing regulatory scrutiny, said in an exchange filing that after the deal, the company will focus on its core payment and financial service distribution-related business. Recently, RBI banned Paytm Payment Bank for not fulfilling KYC rules.

280 employees of Paytm will also join Zomato

Paytm's TicketNew and Insider Platforms, which are the company's entertainment ticketing businesses in the movie, sports, and live performance ticketing sectors, will be transferred to Zomato. Under this deal, about 280 employees of Paytm's entertainment ticketing division will also join Zomato. During the one-year transition period, movie and event tickets will be available on the Paytm app as well as TicketNew and Insider platforms.

Paytm's balance sheet will be strengthened

After the information given by Paytm, it was said that the company will benefit from this transaction and the money received will strengthen its balance sheet. In June, based on the ongoing talks between Paytm and Zomato, it was expected in many media reports that soon a deal would be done between the two companies regarding the ticketing business. Paytm's entertainment ticketing business has generated a revenue of Rs 297 crore in FY24. More than one crore customers have used Paytm's platform to buy tickets.

For Zomato, this deal will boost its 'going-out' business

. The food delivery app already offers ticketing for offline experiences such as dining at restaurants and live events like Zomaland. Zomato co-founder and CEO Deepinder Goyal said that taking over this business will enable the company to offer new use cases (such as movie and sports ticketing) to customers and expand the business.