Zomato completes Paytm's entertainment ticketing business deal; 10 things you need to know

Here are 10 things you need to know about the Zomato-Paytm deal.

Zomato has bought Wasteland Entertainment Private Limited (WEPL) and Orbgen Technologies Private Limited (OTPL) from Paytm. 

OTPL operates Insider platforms while OTPL runs the TicketNew platform.

The transfer of businesses was completed on August 27, Paytm confirmed through an exchange filing.

For the next 12 months, movie and event tickets will be accessible on the Paytm app, as well as the TicketNew and Insider platforms.

Around 280 Paytm employees from the event ticketing business will move to Zomato as part of the deal.

The deal was valued at Rs 2,048 crore.

Zomato will spin off the new business into a new app called 'District'.

"This is not an new business for us as we have already been doing ticketing as a business for more than a year now and have been eyeing building more use-cases for that business. Just to recap, our going-out business (which includes dining-out and event ticketing) did Rs 3,225 crore of GOV (gross order value) in FY24 growing at 136 percent YoY," Zomato CEO Deepinder Goyal said.

Paytm said it allows the fintech to strengthen its focus on core payments and financial services distribution.

Shares of Paytm were 1.11 per cent up at Rs 551.7 each while Zomato stock was trading at Rs 254.5 apiece, down 0.6 per cent on BSE today, August 28 at 1.33 PM IST.