The Weekly Wrap: all you need to know by Friday COB | August 23rd

By Puja Sharma

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements for Prime subscribers only.

The Big Story

Paytm has entered into definitive agreements to sell its entertainment ticketing business, which includes movie, sports and event (live performances) ticketing, to Zomato.

This deal, valued at $244 million (INR 2,048 crore) on a cash-free, debt-free basis, stands as a testament to the value Paytm has created through its entertainment ticketing business. With its services and scale, Paytm brings choice and convenience to millions of Indians.

As part of this agreement, Paytm will transfer its entertainment ticketing business to Zomato by transferring OCL’s entertainment ticketing business to its 100% subsidiaries, Orbgen Technologies Pvt Ltd (OTPL) and Wasteland Entertainment Pvt Ltd (WEPL) and selling its 100% stakes 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. Sharpening the focus on Core Payments and Financial Services Distribution Paytm’s move to sell its entertainment ticketing business underscores its core focus on payments and financial services distribution. In recent quarters, the company has also expanded its offerings in insurance, equity broking, and wealth distribution, with a significant opportunity to cross-sell these services and grow its market presence as a leading financial services distribution player.

Deals of the week

• MAS teams up with Banks and Tech partners to offer Quantum Security
• Flutterwave merchants in Nigeria can now accept AmEx Payments
• Klarna acquires BNPL Laybuy’s asset in New Zealand
• Deutsche Bank signs new partnership with Upvest
• RAKBANK taps Bitpanda to offer digital asset services in the UAE
• TransBnk raises $4m in Series-A funding led by 8i Ventures & Accion
• Swiggy launches ‘Swiggy UPI’ to fuel customers’ payment experience
• BharatPe, OTO Capital and Volt Money bring secured loans to its merchant partners

Be on the lookout for

Nominations for the IBSi Global FinTech Innovation Awards 2024 are now live! As we prepare for the 6th edition of our esteemed awards, we invite you to join an elite circle of visionaries transforming the financial technology landscape. Every year, we celebrate banking technologists who drive exceptional advancements in the fintech sector, recognizing efforts that redefine industry standards and enhance global financial services.

By submitting a nomination, you spotlight your company’s achievements and position yourself among global industry leaders. Our awards recognize a wide spectrum of innovations, from robust core systems to cutting-edge applications of AI and blockchain. No matter if you’re an established industry giant or a dynamic newcomer, the IBSi Global FinTech Innovation Awards offer a platform to showcase your impact on the industry. Explore available categories, learn from past successes, and submit your nominations today to claim your place as a leader in financial technology. Nominate Now!