Digital payment giant Paytm, owned by One97 Communications Limited, acquired Orbgen Technologies Private Limited, the entity that operates TicketNew, a Chennai-based online ticketing platform.
Paytm Entertainment has increased its online penetration in India by more than 50 percent, and is working exclusively with single-screen theatres and regional multiplex chains including Suresh Productions, V Celluloid, SVC and Anusri Cinemas among others.
Recently, Paytm Entertainment announced a ticketing partnership with SPI Cinemas, which owns landmark properties such as Sathyam Cinemas, Le Reve, and The Cinema, in Chennai, Hyderabad, and Mumbai.
"TicketNew founders have built a fantastic business in South India and share the same partnership mindset as Paytm. Under their leadership, Paytm is seeking to connect TicketNew partner cinemas to Paytm's more than 300 million customers and further invest in helping grow their occupancy and revenues," said Madhur Deora, Chief Financial Officer, and SVP, Paytm.
Paytm Entertainment entered the events ticketing space in March 2016. In July last year, Paytm acquired a majority stake in "www.insider.in", an events ticketing platform, to address the rapidly growing live entertainment space in India. Since this acquisition Paytm has successfully ticketed over 8000 events with over a million tickets sold.
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