Zomato Limited announced on August 21 that its board has approved the acquisition of the entertainment ticketing business (Paytm Insider) from One 97 Communications Limited (OCL), the parent company of Paytm, through a series of strategic transactions. The decision was finalized during a board meeting held on August 21, 2024.
As per the company’s official statement, Zomato will enter into a Share Purchase and Subscription Agreement (SPSA) with OCL, Wasteland Entertainment Private Limited (WEPL), and Orbgen Technologies Private Limited (OTPL). This acquisition will involve the transfer of Paytm’s movie ticketing business and its sports and events ticketing business to OCL’s wholly-owned subsidiaries, OTPL and WEPL, through a slump sale.
Additionally, Zomato will acquire OCL’s entire stake in OTPL and WEPL through a share purchase transaction. Once completed, OTPL and WEPL will become wholly-owned subsidiaries of Zomato.
This strategic move marks Zomato’s entry into the entertainment ticketing sector, diversifying its portfolio beyond food delivery and dining services. The acquisition is expected to bolster Zomato’s offerings and strengthen its presence in the digital entertainment space.
