Paytm buys savings management app Balance

Paytm, the digital payments provider run by One97 communications Pvt. Ltd, has acquired savings management application Balance Tech for an undisclosed sum. t will help enhance Paytm’s user and merchant interface.

Bengaluru-based Balance Technology Pvt. Ltd helps users invest in debt mutual funds, allowing them to earn interest up to 8.7% per annum, without a lock-in period. SoftBank and Alibaba-backed Paytm last month bought New Delhi-based technology start-up Cube26 for an undisclosed amount along with ticketing platform Ticket New for $40 million in May this year.

Founded in 2015, Balance had raised ₹1.5 crore from Bengaluru-based Rainmatter Technology, a fintech fund and incubator managed by stock broking firm Zerodha last year.

Paytm acquires TicketNew parent Orbgen Technologies

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.

Alibaba Pictures to buy TicketNew

Alibaba Pictures, the movie and TV Content business controlled by the Chinese e-commerce giant, is in talks to buy a majority stake in Chennai based Orbgen Technologies Pvt. Ltd, which operates ticket booking platform TicketNew.

TicketNew, founded in 2008, who goes by only one name, charges a convenience fee from users for booking tickets. It also gets a small fee from theatre owners for software installation and app development. Alibaba Pictures was earlier known as ChinaVision Media Group Ltd. Alibaba acquired a majority stake in ChinaVision in March 2014 for $804 million. In China, Alibaba Pictures manages its ticketing business through subsidiary Tao Piao Piao.

The company has invested in Hollywood movies such as Mission: Impossible – Rogue Nation and Star Trek Beyond. In October, Alibaba Pictures picked up a minority stake in celebrated Hollywood director Steven Spielberg’s Amblin Partners, with an aim to co-produce and finance films for both global and Chinese audiences. Alibaba Picture’s entry could change the dynamics of ticketing, which is currently dominated by BookMyShow, the most funded internet company in this space.

TicketNew is a technology-led entertainment services provider, integrating movie theatres, film distributors, production houses, events and sports with consumers. TicketNew customer base comprises of ticket brokers, venue managers, affiliate marketers, ticket retail customers, sports professionals, concert and event promoters, and software vendors, among others. TicketNew Box Office Suite is installed in more than 1,000 screens in over 10 countries, covering a wide range from single-screen independent theatres to some of the largest cinema chains in the world.