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Mumbai: Food delivery company <keyword id="19901323" type="General" weightage="100" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="261" meta.entityid="Zomato">Zomato</keyword> has completed the <keyword id="19901090" type="General" weightage="20" keywordseo="acquisition" source="keywords">acquisition</keyword> of <keyword id="19898109" type="General" weightage="20" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="261" meta.entityid="Paytm">Paytm</keyword> subsidiaries WEPL and OTPL for the <keyword id="19922574" type="General" weightage="20" keywordseo="entertainment" source="keywords">entertainment</keyword> <keyword id="20028334" type="General" weightage="20" keywordseo="ticketing" source="keywords">ticketing</keyword> business, the company said in its filing with the exchanges. On August 21, the Deepinder Goyal-led company entered into definitive agreements for the acquisition of Paytm's entertainment arms. In its stock exchange filing on August 21, Noida-based Paytm had also confirmed the development. The deal, valued at Rs 2,048 crores on a cash-free, debt-free basis, stands "as a testament to the value" Paytm has created through its entertainment ticketing business, bringing choice and convenience to millions of Indians with its services and scale, the company said in a release filed with exchanges. As part of this agreement, OCL will transfer its entertainment ticketing business to Zomato by transferring OCL's entertainment ticketing business to its 100 per cent subsidiaries, Orbgen Technologies Pvt Limited (OTPL) and Wasteland Entertainment Pvt Ltd (WEPL) and selling a 100 per cent stake in its subsidiaries OTPL and WEPL, which operate the TicketNew and Insider platforms, respectively to Zomato. As per the information provided by the fintech, about 280 existing employees from the entertainment ticketing business will be part of Zomato. Paytm had said that the company wants to focus on the payments and financial services distribution segment. 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. As per Paytm, the company built movie ticketing from the ground up and acquired TicketNew and Insider for a total consideration of Rs 268 crores from 2017 to 2018. Further, additional investments were also made to scale up the business. On Wednesday, after the announcement, the stocks of Zomato opened in green at Rs 256.20. The company in the past six months has delivered a 60 per cent reward to its shareholders. (ANI)

Zomato completes acquisition of Paytm's entertainment and ticketing business

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

Spotify to Swiggy: Do you know the people behind your favourite apps?

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>

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Zomato completes acquisition of Paytm's entertainment and ticketing business

ANI

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

PTI

Spotify to Swiggy: Do you know the people behind your favourite apps?

Prerna Tyagi

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

IANS

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