OCL, which owns Paytm, has entered into definitive agreements for the sale of its entertainment ticketing business to Zomato for Rs 2,048 crore.
This sale will allow Paytm to concentrate on its primary areas of payments and financial services.
During a transition period (up to 12 months), the movie and event tickets will continue to be available on the Paytm app, as well as on the TicketNew and Insider platforms.
I personally use Paytm for buying movie tickets; it’s my go-to platform whenever I want to catch the latest show. With its easy-to-use interface and seamless booking process, Paytm has made it incredibly convenient to book tickets for movies and events. Now, there’s a big shift happening—One 97 Communications Limited (OCL), which owns Paytm, has entered into definitive agreements for the sale of its entertainment ticketing business that includes movies, sports and events (live performances) ticketing to Zomato for a whopping Rs 2,048 crore.
As part of this deal, OCL will transfer its ticketing operations to Zomato by selling its 100% stakes in Orbgen Technologies Pvt Limited (OTPL) and Wasteland Entertainment Pvt Ltd (WEPL). These subsidiaries manage the TicketNew and Insider platforms, respectively. Around 280 employees from these platforms will also join Zomato.
Also read: Zomato UPI lets you pay without leaving app: It’s very convenient
Focus on core business
This sale will allow Paytm to concentrate on its primary areas of payments and financial services. Over recent quarters, Paytm has been expanding its offerings in insurance, equity broking, and wealth management. By divesting from the entertainment ticketing sector, Paytm aims to strengthen its core business and continue to grow in financial services. The funds from this transaction will help bolster Paytm’s balance sheet and support its long-term growth strategy.
What does this mean for users?
During a transition period (up to 12 months), the movie and event tickets will continue to be available on the Paytm app, as well as on the TicketNew and Insider platforms, ensuring a smooth and uninterrupted experience for users and merchant partners.
In short, while Paytm’s move to sell its entertainment ticketing business to Zomato is a significant shift, it reflects a strategic decision to focus on its core financial services. For now, users can expect a seamless transition with continued access to their favourite ticketing services.
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Ayushi Jain
Tech news writer by day, BGMI player by night. Combining my passion for tech and gaming to bring you the latest in both worlds. View Full Profile
