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New Delhi: Online food delivery platform <keyword id="19901323" type="General" weightage="100" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="83" meta.entityid="Zomato">Zomato</keyword> will acquire <keyword id="19898109" type="General" weightage="20" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="83" meta.entityid="Paytm">Paytm</keyword>'s entertainment <keyword id="20028334" type="General" weightage="20" keywordseo="ticketing" source="keywords">ticketing</keyword> business for Rs 2,048 crore to strengthen its "going-out" segment in a deal that will help the troubled fintech firm to sharpen its focus on core payments and financial services distribution. Paytm's entertainment ticketing business covers movies, sports, and events (live performances). The boards of Zomato and One 97 Communications Ltd (OCL) have approved the all-cash deal. As part of this agreement, OCL's entertainment ticketing business will transfer business to its 100 per cent subsidiaries Orbgen Technologies Pvt Ltd (OTPL) and Wasteland Entertainment Pvt Ltd (WEPL), followed by the sale of 100 per cent stake in these subsidiaries (which operate the TicketNew and Insider platforms) to Zomato. Subsequently, Zomato will spin off the new business into a new app called 'District'. Under the deal, Zomato will fully acquire Orbgen Technologies Pvt Ltd (OTPL), which is into movie ticketing, for Rs 1,264.6 crore and buy Wasteland Entertainment Pvt Ltd, which is into events ticketing for Rs 783.8 crore. The combined entertainment ticketing business has a scale of Rs 297 crore in revenue and Rs 29 crore in adjusted EBITDA in FY24. "The transfer will also include around 280 existing employees from the entertainment ticketing business," OCL said in a statement, adding that the transaction generates significant profits for Paytm and cash proceeds will further strengthen the balance sheet. Announcing the deal, Paytm said it allows the fintech to strengthen its focus on core payments and financial services distribution. Paytm said with its strong focus on long-term value creation, the company remains confident in substituting revenue from its entertainment ticketing business by expanding core business areas of payments and financial service distribution. "This move allows us to continue focusing on long-term growth in our core areas and value creation for all stakeholders," a Paytm spokesperson said. On the other hand, Zomato Managing Director and CEO <keyword id="19901325" type="General" weightage="20" keywordseo="deepinder-goyal" source="keywords">Deepinder Goyal</keyword> in a letter to shareholders said, "The proposed acquisition helps us add more scale and offer newer use-cases (like movie and sports ticketing) to our customers in this segment". Zomato believes the deal makes it more relevant to its customers and gives an opportunity to spin off the business into a new app. "We are going to call it District, which could be a game changer for each of these use cases given the need for a single brand as a destination in this segment," Goyal added. Zomato is keen to position 'District' as the brand that consumers turn to when they are thinking of going out, he added. OTPL was incorporated on November 23, 2007, in India. It is in the business of listing and sale of movie tickets and other services. It had a turnover of Rs 13.14 crore in the fiscal ended March 31, 2024. WEPL was incorporated on December 21, 2015. It is in the business of listing and sale of event tickets and other services. Its turnover in the FY24 was Rs 236.03 crore. Paytm said the move to sell its entertainment ticketing business underscores its core focus on payments and financial services distribution. "In recent quarters, the company has also expanded its offerings in insurance, equity broking, and wealth distribution, with a significant opportunity to cross-sell these services and grow its market presence as a leading financial services distribution player," Paytm said. 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. Paytm said the deal underscores its success in building businesses and creating value for shareholders. Zomato's Goyal said the District app is expected to be launched anytime in the next few weeks. Post this acquisition, he said Zomato's going-out business would be spread across multiple different platforms. Its existing going-out business (dining-out + event ticketing) would continue to run on the Zomato app, and the acquired business -- movie, sports and event ticketing -- would continue to run on Paytm's main app for a transition period of up to 12 months, along with Insider and TicketNew apps. Both of these would get transferred to Zomato as part of the transaction. District app will duplicate the offerings above and over time, we will gradually nudge our customers to move from the Zomato, Paytm, Insider, and TicketNew apps to the District app. "Once most customers start transacting on the District app, we will remove the duplication and shut down this business on all the other apps. Eventually, there will just be a button to launch the District app on the Zomato app (like it is for Blinkit today) so that we continue to tap into the large customer base of Zomato," he added.

Zomato to acquire Paytm's entertainment ticketing business for Rs 2,048 crore

New Delhi, After an entrepreneur complained in a LinkedIn post that a <keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword> delivery agent advised him to cheat the company by paying some money directly to him and enjoy the food, the company's Founder and CEO <keyword id="476451" type="General" weightage="50" keywordseo="deepinder-goyal" source="Orion">Deepinder Goyal</keyword> said he is "aware" of this fraud and is "working to plug the loopholes". Vinay Sati posted that a Zomato delivery agent suggested that from next time, pay him Rs 200 or Rs 300 and enjoy food worth Rs 1,000. "Aap bas mujhe 200rs, 300rs de dena or 1000rs ke khane ke maje lena," Sati quoted the agent as saying in the post. The agent allegedly told him that "I will show it to Zomato that you have not taken the food but will also give you the food you ordered". "I got goosebumps hearing what scam is happening with Zomato," posted Sati. He ordered some Burger King burgers from Zomato and made the online payment. "And as soon as the delivery boy came after 30-40 minutes, he told me that sir, don't pay online next time," said the entrepreneur. "He said that next time when you will order food worth 700-800rs through COD (cash on delivery) you only have to pay Rs 200 for that." Sati said: "Deepinder Goyal ji, now don't say that you don't even know that this is happening?" Goyal replied: "Aware of this and working to plug the loopholes". SEE ALSO: <a href="https://www.businessinsider.in/business/news/zomato-bharatpe-nykaa-and-more-the-revolving-door-for-top-execs-at-new-age-companies/articleshow/96728402.cms">Zomato, BharatPe, Nykaa and more: the revolving door for top execs at new age companies</a> <a href="https://www.businessinsider.in/business/news/swiggys-losses-jump-2x-to-3629-crore-in-fy22-layoffs-coming/articleshow/96682420.cms">Swiggy's losses jump 2X to ₹3,629 crore in FY22, layoffs coming</a> <a href="https://www.businessinsider.in/india/news/delivery-agents-cab-drivers-on-ride-hailing-apps-not-making-sustainable-living-wage-says-fairwork-india-report/articleshow/96572900.cms">Delivery agents, cab drivers on ride-hailing apps not making sustainable living wage, says Fairwork India report</a>

Zomato CEO says aware of fraud at delivery agents' end, fixing it

<keyword id="3378387" type="General" weightage="50" keywordseo="zomato-founder" source="Orion">Zomato Founder</keyword> and CEO <keyword id="476451" type="General" weightage="50" keywordseo="deepinder-goyal" source="Orion">Deepinder Goyal</keyword> has announced a new structure for the company that will see its businesses like <keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword>, <keyword id="12724311" type="General" weightage="50" keywordseo="blinkit" source="Orion">Blinkit</keyword> and Hyperpure run by different CEOs under one umbrella organisation called 'Eternal'. In a note sent to employees on an internal communication channel, <keyword id="6361408" type="General" weightage="50" keywordseo="goyal" source="Orion">Goyal</keyword> said that they are now at a stage of life where "we are maturing from running (more or less) a single business, to now running multiple large companies". "Now that the Zomato-Blinkit deal is approved, we have three companies -- Zomato, Blinkit and Hyperpure -- in the order of business size/impact," Goyal said in the note seen by IANS. "We are transitioning from a company where I was the CEO to a place where we will have multiple CEOs running each of our businesses (e.g. Zomato, Blinkit, Hyperpure, Feeding India), all acting as peers to each other, and working as a super-team with each other towards building a single large and seamless organisation," he elaborated. The company is going to call this larger organisation "Eternal", at a time when Zomato's stock gets hammered on Dalal Street (it was hovering around Rs 46 on Monday and has nosedived around 69 per cent this year). Goyal said that 'Eternal' will have multiple companies. "It already has Zomato (delivery+dining out), Blinkit, Hyperpure, and Feeding India. Eternal will remain an internal name for now," he said. The new branding has been acknowledged by the company employees, with the "Eternal" logo now being placed at the company's premises and merchandise like t-shirts. Late last month, the online food delivery platform Zomato allotted nearly 4.66 crore shares to its employees from its employee stock option plan (ESOP) pool at the face value of Rs 1. The board of directors approved the allotment of 4,65,51,600 equity shares to employees upon exercise of vested stock options, according to its filing with the stock exchanges. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/plant-based-meat-proves-to-be-healthier-and-more-sustainable-than-animal-products-study/articleshow/93264677.cms">Plant-based meat proves to be 'healthier and more sustainable than animal products': study</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/usain-bolts-startup-with-indian-firms-investment-stops-operations-in-us/articleshow/93264886.cms">Usain Bolt's startup with Indian firm's investment stops operations in US</a>

Zomato's Deepinder forms umbrella organisation 'Eternal' with multiple CEOs

Online food delivery platform <keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword> on Wednesday said it will deliver fresh homely meals crafted by real home chefs at affordable prices. Zomato Everyday is currently available in select areas of Gurugram only, with fresh meals starting at only Rs 89. In its Q3 FY23 results, Zomato had said it was working on remodelling the <keyword id="13431191" type="General" weightage="50" keywordseo="zomato-instant" source="Orion">Zomato Instant</keyword> service to focus on offering its customers home-style cooked meals at affordable prices (will be called Zomato Everyday). "Experience the comfort of affordable homely meals delivered to your doorsteps. With menus designed by real home chefs, we hope this reminds you a little of your home," said <keyword id="476451" type="General" weightage="50" keywordseo="deepinder-goyal" source="Orion">Deepinder Goyal</keyword>, <keyword id="3378387" type="General" weightage="50" keywordseo="zomato-founder" source="Orion">Zomato Founder</keyword> and CEO. The food partners will collaborate with the home chefs to serve wholesome food. "Simply browse the menu, customise your meal, and have hot and tasty food delivered right to your doorstep within minutes," said the company. According to Zomato, this is a large opportunity in a market like India and is relatively untapped currently. The company in January launched a brand-new membership programme called <keyword id="4299597" type="General" weightage="50" keywordseo="zomato-gold" source="Orion">Zomato Gold</keyword>. The key highlight of Zomato Gold is the 'On Time Guarantee'. Gold members also get priority access to more restaurants during peak times and offer from a number of restaurants on both delivery and dining out. "We have also made our intercity delivery from legendary restaurants (called Intercity Legends) exclusively available to Gold members," according to Zomato. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/nse-extends-trading-hours-for-interest-rate-derivatives/articleshow/98144857.cms">NSE extends trading hours for interest rate derivatives</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-power-calls-off-70-2-billion-coal-plant-acquisition-briefs-stock-exchanges/articleshow/98146537.cms">Adani Power calls off ₹70.2-billion coal plant acquisition, briefs stock exchanges</a>

You Searched For "CEO Deepinder Goyal" and got 4 results

Zomato to acquire Paytm's entertainment ticketing business for Rs 2,048 crore

PTI

Zomato CEO says aware of fraud at delivery agents' end, fixing it

IANS

Zomato's Deepinder forms umbrella organisation 'Eternal' with multiple CEOs

IANS

Zomato launches home-style cooked meal delivery service, starts ₹89

IANS

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