Paytm Acquires Alibaba-Owned Ticketing Platform For $40 Mn
Paytm, the leading Indian online payments company announced the acquisition of Orbgen Technologies Pvt. Ltd., the firm that operates TicketNew, a ticketing platform based in Chennai. The cost of the deal has not been disclosed yet, but according to stock based transactions, the deal is estimated to have cost between $30-40 million.
The deal will see Paytm acquiring the business from Alibaba Pictures, the entertainment channel of Chinese giant Alibaba Group, which bought a majority stake in Tickenew barely a year ago. The acquisition was made as Paytm wishes to connect its 300 Mn customers to TicketNew partner cinemas, which will additionally drive Paytm’s utility and revenues.
“We are on a mission to be the one-stop destination for all movie and entertainment ticketing needs. It is o...