Indian ticketer Paytm Insider acquired for €220m

Indian event ticketing platform Paytm Insider has been acquired by food delivery giant Zomato in an all-cash deal valued at Rs 2048.4 crore (€220m).

In a filing with the stock exchanges, Zomato said the purchase from former owner One 97 Communications Limited (OCL) “is in line with our strategy of investing in our going-out business”.

Zomato has recently been doubling down on its ‘going out business’ which comprises its restaurant, live events and cinema ticketing verticals, and also runs a food festival called Zomaland.

The firm recently secured global pop sensation Dua Lipa for Zomato Feeding India Concert (ZFIC), a benefit concert slated for 30 November in Mumbai, which sold out in less than 24 hours. It also hosted US musician Post Malone’s India tour in December 2022.

In a recent report, brokerage firm UBS valued Zomato’s going-out business at $1.6 billion.

In a recent report, brokerage firm UBS valued Zomato’s going-out business at $1.6 billion

One 97 Communications Limited (OCL) was founded in 2000 by Vijay Shekhar Sharma. The Noida-headquartered firm offers digital payment and financial services to consumers and merchants in India.

OCL launched Paytm in 2010. In 2017, the firm acquired Insider.in, a ticketing platform backed by leading festival promoter Only Music Louder (NH7 Weekender, EDC India).

Speaking about the acquisition, a Paytm spokesperson said: “We built the entertainment ticketing business by addressing the market needs of the time … This move (to sell the business) allows us to continue focusing on long-term growth in our core areas and value creation for all stakeholders.”

The deal, which is expected to close within the quarter, will be among the largest buyouts for Zomato after it acquired Uber Eats in 2020 and took over quick commerce platform Blinkit (then Grofers) in 2021.

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