Zomato, the prominent delivery platform in India, has announced the acquisition of Paytm’s ticketing business for a whopping $244.1 million. This move by Zomato is seen as an expansion of its current offerings to provide additional services to customers, including the introduction of the new app District which is poised to offer innovative services.
The Paytm ticketing business encompasses a range of tickets for movies, sports events, and live shows. Employees from Paytm’s ticketing division will now transition to Zomato. Paytm justified this business sale by emphasizing their focus on their core financial services.
Currently, in the Indian market, BookMyShow, owned by Reliance Group, dominates the ticketing industry with a market share of up to 75%, followed closely by Paytm.
TLDR: Zomato acquires Paytm’s ticketing business for $244.1 million to enhance their service offerings and introduce a new app while Paytm shifts focus to their core financial services.
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