Zomato to Acquire Paytm’s Movie Ticketing and Events Business for ₹2,048 Crore
Zomato, a major player in the food delivery industry, is set to acquire Paytm’s movie ticketing and events business in an all-cash deal valued at ₹2,048 crore. This acquisition positions Zomato to challenge the dominant leader in India’s entertainment ticketing market, BookMyShow. By entering the movie and event ticketing segment, which constitutes a significant portion of the going-out market, Zomato aims to diversify its offerings and enhance its presence in the entertainment sector.
Bluestone Secures ₹900 Crore in Pre-IPO Round
Jewelry retailer Bluestone has successfully raised ₹900 crore in a pre-IPO funding round, doubling its valuation to $970 million (approximately ₹8,100 crore). Backed by Accel, Bluestone is now preparing to file the draft red herring prospectus (DRHP) for its initial public offering with the stock market regulator this year, setting a benchmark for its valuation.
Ant Group Reaps 4X Return from Zomato Stake Sale
Ant Group, the Chinese e-commerce giant Alibaba’s affiliate, has generated significant returns by selling Zomato shares worth over ₹4,772 crore in two recent block deals. This brings the total proceeds from its stake sales in the food and grocery delivery company to ₹12,521 crore, marking a 4X return on investment.
Festive Season Boosts Sales for Quick Commerce Platforms
The onset of the festive season, starting with Rakshabandhan, has led to a surge in sales for quick commerce platforms such as Blinkit, Swiggy Instamart, and Zepto. These platforms are increasingly operating like broader online marketplaces, offering a wider range of products to meet the growing demand during this period.
Swiggy Valued at $11.5 Billion by Investor 360 One WAM
Swiggy, a leading food and grocery delivery company, has been valued at $11.5 billion by investor 360 One WAM (formerly IIFL Wealth Management) as of June, according to a recent investor presentation. The company is gearing up for an IPO, reflecting its strong market position and growth potential.
Micro VCs Gain Ground in Indian Venture Landscape
As the venture capital landscape in India evolves, new domestic funds and micro venture capital (VC) firms are emerging. Aviral Bhatnagar, who previously led enterprise software and AI investments for Venture Highway, has launched a ₹100 crore fund to support early-stage Indian startups, highlighting the growing interest in nurturing innovation at the grassroots level.
P2P Lending Platforms Seek RBI Guidance Amid New Regulations
The peer-to-peer (P2P) lending industry is expressing concerns over new regulations introduced by the Reserve Bank of India (RBI). Industry participants fear that some of the provisions may not be financially viable, potentially disrupting business operations. The Association of P2P Lending Platforms is seeking clarity and guidance from the RBI on implementing these new rules.
UPI Market Share Cap Delay Expected to Maintain Status Quo
A proposed 30% market share cap in the Unified Payments Interface (UPI) segment is likely to be delayed, according to industry executives. With only a few months remaining until the deadline, many UPI newcomers are adjusting their growth and investment strategies, anticipating that the cap may not be enforced as initially planned.
GST Authorities Intensify Scrutiny of Digital Payments
The rapid growth of digital payments has prompted increased scrutiny from tax authorities. The Directorate General of Goods and Service Tax Intelligence (DGGI) is closely monitoring online merchants to ensure compliance with GST regulations. Startups, payment aggregators, and payment gateways are working with the DGGI to track potential tax evasion cases.