One97 invests $8.95 Mn in Paytm Entertainment
One97 Communications, the parent company of Paytm has invested $8.95 Mn (approx Rs 61 Cr) into its wholly subsidiary Paytm Entertainment, as per by more than 50% as per company's filings with Ministry of Corporate Affairs.
Paytm Entertainment, the entertainment arm of Paytm deals in ticket booking for movies and other channels has increased its online penetration in India by more than 50%, as claimed by the company.
It is interesting to note that Paytm Entertainment has collaboration with SPI Cinemas which is the owner of landmark companies such as Sathyam Cinemas, Le Rêve, The Cinema, in Chennai, Hyderabad, and Mumbai.
The digital arm of Paytm had entred ticketing segment back in March 2016 in partnership with PVR and today it has its business operations running across 660 cities...