23 May 2018, India:
Paytm has acquired online ticketing platform TicketNew. The transaction size has not been disclosed yet. The acquisition will help Paytm in strengthen its entertainment ticketing business.
“We are on a mission to be the one-stop destination for all movie and entertainment ticketing needs. It is our goal to be the leader in every city in India and offer the opportunity to all cinema partners to reach Paytm’s customers. TicketNew founders have built a fantastic business in South India and share the same partnership mindset as Paytm. Under their leadership, we are seeking to connect TicketNew partner cinemas to Paytm’s more than 300 million customers and further invest in helping grow their occupancy and revenues. With this acquisition, we have taken a step closer to our goal of making Paytm Entertainment the No. 1 player in this space,” said Madhur Deora, Chief Financial Officer, and Senior Vice President, Paytm
Chinese conglomerate Alibaba had acquired majority stake in TicketNew in June 2017.
TicketNew was founded by Ramkumar Nammalvar, V Sasi Raman, and Ravishankar Ramanujalu in 2007. It is an online ticket booking platform for plays, movies, events and more. It is operated by Orbgen Technologies Private Limited.
(Image – OneIndia)
