Zomato, the food delivery giant, is in talks with embattled Paytm to acquire its events and movie ticketing businesses, multiple media reports said on Sunday. While an ET report pegs the deal at Rs 1,500 crore, a Business Standard report says that the acquisition may be billed around Rs 2,000 crore.
It should be noted that Paytm nor Zomato have neither confirmed nor denied the reports. The deal is seen as part of Paytm’s revival plan and renewed focus on its payment service businesses. The talks are in an advanced stage between Zomato and Ine97 Communications Ltd, media reports said.
In case this acquisition sees the light of the day, this will be the second mega purchase by Zomato. Back in 2021, the food delivery giant had acquired Blinkit, the quick commerce platform. It was an all-stock deal that was valued at Rs 4,447 crore, the reports further said.
For Paytm, a successful sale would mean a better focus on it cashback, travel sectors that are very crucial for expanding its merchant base.
Paytm does not provide separate figures for its movie and events ticketing business, but its broader marketing services segment, which includes ticketing, credit card marketing, and gift vouchers, recorded annual sales of 17.4 billion rupees ($208 million) in the fiscal year ending March 2024.