Mittal took to microblogging site X, formerly known as Twitter to share his views on the deal. In the post, he wrote that it is a great deal for both Zomato and Paytm.He also tagged Paytm CEO Vijay Shekhar Sharma and Zomato CEO Deepinder Goyal in the post, congratulating them on the ‘quick closure’ of the detail.
Here’s what Anupam Mittal wrote on X
Great deal for both @Paytm & @zomato. Real win-win 💪🏼 Congrats @vijayshekhar @deepigoyal on the quick closure 👍🏼
Paytm announced the deal in a stock filing. Boards of Zomato and One 97 Communications Ltd (OCL) have approved the all-cash deal. As part of this agreement, OCL’s entertainment ticketing business will transfer business to its 100 per cent subsidiaries Orbgen Technologies Pvt Ltd (OTPL) and Wasteland Entertainment Pvt Ltd (WEPL), followed by the sale of 100 per cent stake in these subsidiaries (which operate the TicketNew and Insider platforms) to Zomato.
Announcing the news, the official handle of Paytm wrote on X ”Knock, knock @zomato! 👋We’ve dropped off some 🎬 to go with your 🍕. Hope you’re ready for some real fun – showtime is now in your hands! 🫶We will keep making payments awesome for everyone 🤩, and keep expanding our financial services distribution 🫰🚀”
Under the deal, Zomato will fully acquire Orbgen Technologies Pvt Ltd (OTPL), which is into movie ticketing, for Rs 1,264.6 crore and buy Wasteland Entertainment Pvt Ltd, which is into events ticketing for Rs 783.8 crore.