One 97 Communication to sell its entertainment ticketing biz to Zomato

One 97 Communications (OCL), which owns the brand Paytm, announced that it has entered into definitive agreements for the sale of its entertainment ticketing business that includes movies, sports and events (live performances) ticketing to Zomato. This deal, valued at Rs 2,048 crore 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.

As part of this agreement, OCL will transfer its entertainment ticketing business to Zomato by 1) Transfer of OCL's entertainment ticketing business to it's 100% subsidiaries, Orbgen Technologies (OTPL) and Wasteland Entertainment (WEPL), and 2) Selling 100% stake in its subsidiaries OTPL and WEPL, which operate the TicketNew and Insider platforms, respectively to Zomato. The transfer will also include ~280 existing employees from the entertainment ticketing business.

Paytm's 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 significant opportunity to cross-sell these services and grow its market presence as a leading financial services distribution player.

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.