Zomato has said that it would pay $244.2 million (about ₹2,048 crores) to paytm for the movie and event ticketing operations. The goal of this action is to support Zomato's expanding ticketing business. Currently, BookMyShow, which is backed by Reliance, is leading the indian internet ticketing industry. 

Paytm, a major competitor of BookMyShow since 2017, is moving its ticketing services to zomato, namely "TicketNew" for movie tickets and "Insider" for live events. zomato anticipates that this purchase would treble its revenue from non-core activities, such as ticketing events and making restaurant reservations. Although they made up only 2% of Zomato's overall income in the previous year, these industries had the quickest growth.

Zomato began offering tickets more than a year ago. The deal states that Paytm's platforms would carry on offering ticketing services for the next year before completely switching over to Zomato's brand-new "District" mobile app. About 280 workers from Paytm's entertainment ticketing section will also join Zomato. After first developing its movie ticketing business, paytm acquired TicketNew and Insider in 2017 and 2018 for ₹2.68 billion.
 
But in response to an order by India's central bank to shut down its banking division, it is now pulling back from these projects in order to concentrate on its core payments and financial services. The agreement can provide difficulties for BookMyShow (BMS). zomato, which is solidifying its position alongside Paytm's ticketing systems, is posing a greater threat to BMS, the market leader in online ticketing in India. Although BMS continues to be a powerful force, it will need to change and develop in order to stay ahead of this escalating competition.
 

 
For more interesting updates wa click and follow Indiaherald WhatsApp channel

Find out more:

Paytm Zomato

G GOWTHAM

27/08/2024 08:27 AM