Paytm acquires e-ticketing startup TicketNew
Paytm acquires e-ticketing startup TicketNew

In a fresh development, digital payment and e-commerce company Paytm has acquired Chennai-based online ticketing startup TicketNew in an all-stock deal to strengthen its entertainment ticketing business.

As per the media report, Paytm Entertainment has bought out the majority stake held by Alibaba Pictures.

Alibaba, which is a major investor in Paytm’s parent One97 Communications, backed TicketNew a year ago with Rs 120 crore, in an all-cash deal.

The development marks a clear intent of the Noida-based Paytm to take on the current leader in the segment, Book-MyShow, which has been focusing on its events business apart from its core business of movie ticketing.

TicketNew was founded by Ramkumar Nammalvar.

Paytm Entertainment said it has increased its online penetration by more than 50%. Orbgen Technologies operates TicketNew — which is largely present in south India.

 
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