One 97 Communications Limited (OCL), which owns Paytm, has entered into definitive agreements for the sale of Paytm Insider, its entertainment ticketing business that includes movies, sports, and events ticketing to Zomato Limited for ₹2,048 crore on a cash-free, debt-free basis.
As part of this agreement, OCL will transfer Paytm Insider to Zomato by
1) Transfer of OCL's entertainment ticketing business to it's 100% subsidiaries, Orbgen Technologies Pvt Limited (OTPL) and Wasteland Entertainment Pvt Ltd (WEPL), and
2) Selling 100% stake in its subsidiaries OTPL and WEPL, which operate the TicketNew and Insider platforms, respectively to Zomato. The transfer will also include ~280 existing employees from the entertainment ticketing business.
TT&A is advising Zomato on this transaction.
The transaction team consisted of Gautam Saha (Joint Managing Partner), Harshit Chandra (Partner), Shivranjani Ralawata (Partner), Pooja Menon (Managing Associate), Ambika Sahai (Managing Associate), Utsav Agarwal (Managing Associate), Tanya Maithani (Senior Associate), Divya Kumar (Associate), Prakhar Srivastava (Associate), Radhika Sarda (Associate) and Prerna Raturi (Associate).
Luthra and Luthra Law Offices India is advising OCL on this transaction.
The transaction team is led by Nishant Singh (Partner), and consisted of Managing Associates – Nikhil Bhat and Saksham Madan, Senior Associate – Manushi Shah and Associates – Maitri Meghani, Aashi Shah, Aditi Nagpal, Patti Charith Reddy, Silpi Jain, Aryaa Padhye, Aryaman Sharma, Govind Warrier, Rahul Lal, Somanshu Shukla and Shivangi Paliwal.
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