Food delivery giant, Zomato is shopping for the movie ticketing and events divisions of Paytm for an all-cash deal valued at Rs 2,048 crore.

The acquisition deal was given a nod by the boards of One 97 Communications Ltd (OCL) and Zomato, and it comprises the live performance, sports, and movie ticketing company on a cash-free and debt-free basis.

For users, this acquisition deal will mean uninterrupted access to the entertainment ticketing services on the Paytm app for a maximum of 12 months during which Zomato would include these services into its offers.

Since 2017, Paytm has been an equal competitor to BookMyShow.

Today, the fintech major is planning to pass on its market share to Zomato by selling its "TicketNew" platform—which sells movie tickets—as well as its "Insider" platform, which sells tickets for live events.

Paytm built its movie ticketing company from the ground up, then paid Rs.268 crore to purchase Insider and TicketNew in 2017 and 2018.

To focus on its primary business of providing financial services and payments, the corporation is now getting out of these ventures.

This acquisition deal is in response to the Reserve Bank of India's February directive to close its banking division.

The acquisition fits Zomato's plan to expand its non-core businesses, which include a division that organizes and sells tickets for events and services for scheduling restaurant tables.

These two divisions were also among Zomato's fastest-growing, accounting for two percent of the company's overall sales in the previous year.