- By Aditya Pratap Singh
- Mon, 17 Jun 2024 10:43 AM (IST)
- Source:JND
Zomato-Paytm Deal: Online food delivery platform Zomato said on Sunday that it is in talks with Paytm to buy the fintech company's film and event business. In a regulatory filing, Zomato said that no binding decision has been taken yet during its discussions with Paytm.
Zomato told the exchange that it is in talks with Paytm regarding this transaction. The company led by Deependra Goyal said that they are yet to reach any final decision. On the other hand, Paytm has informed the stock exchanges about the development. However, Paytm has not named Zomato. Paytm is trying to focus on payments and financial services which is why it is selling its movie and events businesses.
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Paytm has also confirmed
Earlier, Bloomberg had claimed in its report that Paytm could sell its movies and ticket business to Zomato. It was speculated that the company has to take this step due to declining sales as the last few months have not been good for Paytm. The decision of the Reserve Bank of India to shut Paytm Payment Bank has had a bad effect on the company.
Zomato is constantly engaged in expanding its businesses. The company is all set to invest another Rs 300 crore in its subsidiary company Blinkit. With this, Zomato's total investment in Blinkit will be Rs 2300 crore.
Zomato stock surge
On Friday, Zomato shares closed at Rs 186.19 with a gain of 0.7 percent. So far this year, Zomato's share prices have seen a rise of 50 percent. Now after the confirmation of this news, the impact will be seen on Zomato's shares on Tuesday.