Paytm in talks with Zomato to sell its movie and ticketing business: Report
Paytm is currently in discussions with Zomato Ltd. to sell its movie and events ticketing division, as part of a strategic overhaul amid declining sales, according to sources familiar with the situation, as per Bloomberg report.Also Read | Elon Musk’s ’anything can be hacked’ VS ’Rajeev Chandrasekhar’s ’technically you are right’ on use of EVMsThe negotiations between One97 Communications Ltd., the parent company of Paytm, and the online food delivery giant Zomato are reportedly in advanced stages.
However, other potential buyers are also interested in the business, the sources noted, requesting anonymity due to the private nature of the talks. No final decision has been reached yet, they added, as per the Bloomberg report.Also Read | Luxembourg vs Israel Live Score: Luxembourg score after 6 overs is 43/1In light of its first-ever sales decline reported last month, Paytm, led by billionaire founder-CEO Vijay Shekhar Sharma, announced plans to streamline non-core assets and hinted at possible job cuts.
This move comes in response to regulatory actions affecting Paytm Payments Bank Ltd., which had been a significant component of Paytm's operations. The regulatory measures have compelled Paytm to establish new partnerships with other lenders, the report added.Also Read | INDIA bloc may contest for Lok Sabha Speaker’s post if…Paytm, which previously depended heavily on the bank for digital wallets and payment transactions, has faced significant operational challenges since the central bank's intervention earlier this year.Neither Paytm nor Zomato provided comments when approached outside of regular business hours, as per Bloomberg.While Paytm does not separately disclose figures for its movie and events ticketing business,
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