Zomato is a food tech startup that plans to strengthen its business by acquiring Paytm’s movies and ticketing business. Paytm mentioned via BSE filing that they will focus on financial services and payments with digital goods commerce designed to help merchants scale up their businesses. The discussion between these two companies is ongoing, and they have not yet reached binding agreements. We are disscusing about Zomato may acquire Paytm’s movies and ticketing business for $210 million.
We are disscusing about Zomato may acquire Paytm’s movies and ticketing business for $210 million:
Zomato recently announced its investment of $48 million in its two subsidiaries. The startup was in the news because of the investment of $36 million in Blinkit and $12 million in Zomato Entertainment. The acquisition came after Paytm started laying off its employees in large numbers. The fintech startup also saw a decline in its revenue for Q4 after the Reserve Bank of India announced new rules concerning compliance with regulatory norms. Paytm believes it is recovering from its second quarter and has been seeing growth and stabilization in its revenue and merchant base metrics since April.
After sealing this deal, Zomato can scale up its operations, expand its services in the events business, and take BookMyShow under its wing. The CEO of Zomato, Deepinder Goyal, recently announced an investment of 12 million USD in its ticket and live event business. This food tech startup aims to expand its network and solidify its position in the Indian Market.
The board members at Zomato passed a special resolution to allot $36 million to the e-commerce startup Blinkit while $12 million will go to Zomato Entertainment. The food tech startup is already the largest investor in Blinkit, having made a $277 million investment in the company since its inception. The startup previously bought an all-stock deal of the e-commerce startup for $568 million. This acquisition of Paytm is another step toward Zomato’s business expansion scheme.
Conclusion
A food tech startup, Zomato, announced its plans to acquire fintech startup Paytm’s ticketing and movie business for $210 million. The company plans to expand its business while improving performance and creating an advanced platform for its users. The company plans to use this deal to launch new services while scaling up and expanding its operations nationwide. This food tech startup plans to enhance its technology and get a more extensive customer base. Paytm will be focusing on its financial
services and payments with digital goods commerce that are designed to help merchants scale up their businesses. The discussion between these two companies is ongoing, and they have not yet reached binding agreements. Zomato recently announced its investment of $48 million in its two subsidiaries. The startup was in the news because of the investment of $36 million in Blinkit and $12 million in Zomato Entertainment.
The acquisition came after Paytm started laying off its employees in large numbers. After the sealing of this deal, Zomato will be able to scale up its operations, expand its services in the events business, and take BookMyShow under its wing. The CEO of Zomato, Deepinder Goyal, recently announced an investment of 12 million USD in its ticket and live event business.
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