Zomato in talks with Paytm to acquire movie ticketing and events business

Food delivery giant Zomato in a statement to the exchanges said that it is in discussion to acquire Paytm's movie ticketing and events business. This comes after media reports suggested that negotiations over a Rs 1,500-crore deal between One97 Communications Ltd, the parent company of Paytm, and Zomato were in advanced stages.

"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," Zomato said in the statement.

Zomato-Paytm talks

Zomato further in the statement mentioned that this move aligns with it's plan to expand its 'going out' offerings. "The discussion is being undertaken with an intent to further strengthen our going-out business and is in line with our stated position of focusing only on our four key businesses," the company said.

The deal is beneficial to Zomato as it would complement its broader aim of capturing consumer demand across various categories, including food, grocery, and entertainment. Meanwhile, this successful sale would enable Paytm to concentrate on travel, deals, and cashback—sectors crucial for expanding its merchant base and boosting overall sales.

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