Key Highlights:
- Zomato, led by CEO Deepinder Goyal, completed its acquisition of Paytm’s ticketing business on August 21, 2024.
- The newly launched “Book Now, Sell Anytime” feature is set to debut on September 30, beginning with the Feeding India Dua Lipa concert.
- This acquisition represents Zomato’s strategic move into the event management sector.
Business Insider: In a notable strategic development, Zomato, known primarily for its food delivery services, has acquired Paytm’s ticketing division. The deal, finalized on August 21, 2024, under CEO Deepinder Goyal, marks Zomato’s entry into the event management industry.
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The newly acquired ticketing platform will introduce Zomato’s “Book Now, Sell Anytime” feature, designed to simplify ticket booking and enable last-minute resales. This feature will be integrated into Zomato’s dedicated app, ‘District,’ which is scheduled for launch in early 2025. The app will be seamlessly incorporated into Zomato’s existing services, offering a cohesive user experience. The ticketing capabilities will showcase the platform’s capacity to manage high-profile events efficiently.
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Zomato’s Financial Overview
In the last quarter, Zomato reported revenues of approximately ₹4,206 crore, largely influenced by subsidiaries like Blinkit. This approach helps the company grow its market presence and boost user engagement, despite the associated expenses. Zomato’s extensive service range and market penetration have been key factors in its continued revenue growth.
Details of the Paytm Ticketing Acquisition
Zomato’s acquisition of Paytm’s ticketing division was valued at around ₹2,038 crore. This move not only expands Zomato’s service offerings but also enhances its position within the digital services market. The acquisition highlights the value of Paytm’s established ticketing infrastructure and its potential integration into Zomato’s expanding portfolio.
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Reason for Paytm’s Sale of the Ticketing Business
Paytm’s decision to sell its ticketing business aligns with its focus on core financial services and digital payments, allowing the company to concentrate on areas with higher growth potential.
Focus on the Feeding India Dua Lipa Concert
The Feeding India Dua Lipa concert, set for November 30, 2024, will be a major highlight of Zomato’s new ticketing service. The event will take place at the MMRDA Grounds in Bandra-Kurla Complex, Mumbai, featuring a performance by Dua Lipa, known for her hit song “Levitating.” The concert, organized by Feeding India with Zomato’s support, will also include performances by Jonita Gandhi and Talwiinder, promising a night of exceptional music and vibrant entertainment.
