Online food delivery giant Zomato announced on Sunday that it is in discussions with Paytm to acquire the financial technology company's movies and events business. In a regulatory filing, Zomato confirmed the talks but emphasized that no binding decision has been made at this time.
"We acknowledge that we are in discussions with Paytm for the aforementioned transaction, however, no binding decision has been taken at this stage that would warrant a board approval and subsequent disclosure under applicable law," Zomato stated. The clarification was in response to reports about the potential acquisition.
While sharing the information with VYGR, Zomato further explained that this potential acquisition aligns with its strategy to enhance its "going-out" business. "The above discussion is being undertaken with an intent to further strengthen our going-out business and is in line with our stated position of focusing only on our four key businesses currently," the company added.
The move, if finalized, could significantly bolster Zomato's offerings by integrating movie and event ticketing services, potentially creating a more comprehensive experience for its users. As of now, both companies are continuing their discussions with no definitive agreement in place.
Inputs by Agency
Ⓒ Copyright 2024. All Rights Reserved Powered by Vygr Media.
