Recently  a   report was published by Bloomberg which stated that ” Paytm in Talks With Zomato to Sell Movie Ticketing Business”.

The article stated that Paytm might sell its ticketing business to Zomato. 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 have also expressed interest in the business, according to sources who requested anonymity due to the private nature of the discussions. No final decision has been made yet, they added, as reported by Bloomberg.

ALSO, neither Zomato nor Paytm have confirmed their deal to the public .

After Paytm’s its first-ever sales decline reported last month, Paytm, led by billionaire founder-CEO Vijay Shekhar Sharma, has announced plans to streamline non-core assets and hinted at possible job cuts.

several Paytm employees faced imminent job cuts, adding that they unsuccessfully negotiated for pay cuts instead.

Some reports also stated that many former and current Paytm employees told the paper they were forced to “voluntarily resign,” were not paid severance, and were asked to return their retention and joining bonuses.

This move is in response to regulatory actions affecting Paytm Payments Bank Ltd., a key component of Paytm’s operations. These regulatory measures have forced Paytm to establish new partnerships with other lenders.

Read More: Eih Associated Hotels Ltd announced Dividend & Bonus Issue together. Check the details

Disclaimer:
The recommendations made above are by market analysts and are not advised by either the author, nor FinTrend 24. The author, nor the brokerage firm nor FinTrend 24 would be liable for any losses caused as a result of decisions based on this write-up. FinTrend 24 advises users to consult with certified experts before making any investment decision.