Online payment company Paytm is currently in talks with food delivery enterprise Zomato, as per the sources familiar with the matter.
According to a Bloomberg report, discussions have progressed to advanced stages, yet no final decision has been announced, as there are other potential buyers in the business.
This development comes around the time, company’s CEO Vijay Sharma has Last month, reported its first-ever decline in sales and pledged to reduce non-essential its assets.
Besides, the company also cautioned about potential layoffs due to regulatory measures affecting Paytm Payments Bank. Thus, significantly impacting its operations and forcing the company to develop new collaborations with lenders.
Meanwhile, Paytm’s annual sales in movie and events ticketing business, currently stands at ₹1,740 crore in the financial year 2023-24.
If this deal becomes successful, it will help Paytm to focus significantly on travel, deals and cashbacks. Businesses, which are important enough to expand its merchant base and increase its revenue.
This deal will also help Zomato to broaden its business in a new area of the online business.
