One 97 invests Rs 61 cr in Paytm Entertainment
BY - Vaishnavi Gupta
Senior Correspondent, IndianRetailer.com & Retailer Magazine Jun 26, 2018 / 1 MIN READ
Senior Correspondent, IndianRetailer.com & Retailer Magazine Jun 26, 2018 / 1 MIN READ
Digital payments major One 97 Communications, which owns payment brand Paytm, has invested Rs 61 crore into Paytm Entertainment, said the company in a filing with the Ministry of Corporate Affairs.
Paytm Entertainment, the wholly owned subsidiary of One 97 Communications is into ticket booking for movies and other entertainment channels.
Earlier this year, Paytm had acquired Chennai-based online ticketing platform Ticket New for ramping up its operations in the ticket booking business.
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This strategic move allows customers across India to access an exclusive range of premium beauty and personal care products at attractive discounts through the Paytm se ONDC Network using the Paytm app.
As a prominent buyer app on the ONDC Network, the company has experienced remarkable growth, now offering over 200 brands across diverse categories.
As consumer preference leans increasingly towards mobile transactions, businesses are swiftly embracing digital payment options.
Paytm reported a positive EBITDA before ESOP cost (earnings before interest, taxes, depreciation, amortization, and employee stock option costs) of Rs 31 crore.
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