The embattled payment and mobile wallet company Paytm, which has not had the best of 2024, has made it to the headlines yet again. According to a Bloomberg report, the troubled fintech company is said to be in talks with a delivery and quick-service company to sell off its movie ticketing business.
Paytm Insider is a ticket booking platform that aids in booking tickets for cricket matches, live entertainment shows, and sports games online.
It is to be noted that this development comes barely a few weeks after speculation concerning the acquisition of the whole of Paytm by the Adani Group made headlines. Those developments were, however, dispelled.
Paytm's Net Loss is due to top brass esop's | Representative Image
Annual Sales of USD 208 million
Paytm's banking service, Paytm Payment Bank, came under the regulatory hammer of the RBI early this year, bringing a plethora of trouble to the entire group. This not only impacted the PPBL services but also brought about the decline of the whole company at large.
Apart from performing poorly at the equity markets, the company also returned to the end of the quarter with a disillusioning balance sheet. Paytm's losses in the fourth quarter went up to Rs 550 crore in Q4.
The talks between Paytm and Zomato are said to be in the advanced stages. When it comes to ticketing services themselves, the branch of the business reported annual sales of USD 208 million.
In the past month of trading, Paytm shares have gained 23.77 per cent or Rs 81.35. | File
Paytm Shares Jump
Despite its setbacks in business and in the equity markets, the shares of the company appear to have made a bit of a comeback of late.
In the past month of trading, Paytm shares have gained 23.77 per cent or Rs 81.35. This comes after a turbulent period, when between January 31 and February 14, within the span of a fortnight, the shares lost half their value.
However, on Friday, June 14, the company closed in red, before the long weekend. Paytm shares dropped 1.04 per cent or Rs 4.45, closing at USD 423.60.
