MUMBAI: Paytm has acquired TicketNew — a Chennai-based online ticketing startup — in an all-stock deal to strengthen its entertainment ticketing business. Paytm Entertainment, run by the online payments major, has bought out the majority stake held by Alibaba Pictures — an arm of China’s internet behemoth Alibaba — valuing the company at around $30 million, TOI has learnt.Paytm, however, did not disclose any financial details of the transaction.
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, as we had reported then.
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.