FOOD, FUN, AND FILMS-now, you will get them all on Zomato. The online food delivery platform announced in mid-June that it is in talks with digital payments platform Paytm to acquire the latter's movie and event ticketing business.
THE DEAL IS LIKELY TO BOLSTER ZOMATO'S PRESENCE IN THE EVENT TICKETING SPACE
"We acknowledge that we are in discussions with Paytm for the aforementioned transaction; however, no binding decision has been taken at this stage that would warrant board approval and subsequent disclosure in accordance with applicable law," Zomato said in exchange filings.
If the deal goes through, it could have a significant impact on Zomato's going-out business, potentially boosting its overall growth. "The above discussion is being undertaken with the intent to further strengthen our going-out business and is in line with our stated position of focussing only on our four key businesses currently," stated the filing.
Paytm, too, has acknowledged the development. In a filing to exchanges on June 16, it said that the company routinely explores strategic opportunities aimed at enhancing shareholder value. "The potential transfer of Paytm's entertainment business, a component of our marketing services, is one opportunity under consideration," it said, adding that such discussions were "preliminary" in nature. It further said that Paytm's focus will be on payment and financial services along with digital commerce.
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