Digital payments giant Paytm has acquired
Orbgen Technologies Private limited, the entity that operates TicketNew, a
Chennai based online ticketing platform. With the acquisition, Paytm is seeking
to connect its more than
300 Mn customers to TicketNew partner cinemas and further invest in
helping grow their occupancy and revenues.
Paytm claimed that its
entertainment arm has
increased its online penetration in India by more than 50%. The company
has also built a strong business in south India and is working exclusively with
iconic single screen theatres and regional multiplex chains including Suresh Productions, V Celluloid, SVC, and
Anusri Cinemas among others in the region.
Inc42 had earlier
reported that the digital payments giant was inching towards
advanced talks with the Alibaba Pictures-owned TicketNew to acquire the
company. The value of the deal was pegged at $30 Mn-$40 Mn. Alibaba Pictures, the entertainment arm of
Chinese Internet giant Alibaba Group, had acquired a majority stake in TicketNew on June 5,
2017, making the acquisition its first outside China in the Internet
ticketing industry.
Prior
to this, Paytm Entertainment had a ticketing partnership with SPI Cinemas,
which owns landmark properties such as Sathyam Cinemas, Le Rêve, and The Cinema, in Chennai, Hyderabad, and
Mumbai.
No comments:
Post a Comment