#brokerage Call | Nomura keeps 'buy' rating on #zomato, target Rs 280

#1 Management believes Paytm’s ticketing business acquisition will help to focus on areas where it expects to raise GOV

#2 Company expects to increase gross order value from Rs 3,200 crore in FY24 to Rs 10,000 crore in FY26

#3 Biggest risks are smooth integration of acquired businesses into new district app

#4 Cash burn initially to incentivize users to migrate from Paytm’s app to Zomato & district apps