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panchangam - 21/10/2019
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Paytm acquired Orbgen Technologies, entity that operates TicketNew, a Chennai based online ticketing platform
According to sources this comes after Alibaba Group's entertainment arm Alibaba Pictures Group acquired a majority stake in TicketNew in June last year. Recently Paytm Entertainment, on its part, has increased its online penetration in India by more than 50% and claims to have built a strong business in South India and is working exclusively with iconic single screen theatres and regional multiplex chains including Suresh Productions, V Celluloid, SVC and Anusri Cinemas among others.
Meanwhile it recently also announced a ticketing partnership with SPI Cinemas, which owns landmark properties such as Sathyam Cinemas, Le Rêve, The Cinema, in Chennai, Hyderabad, and Mumbai. Moreover according to the company, Paytm Entertainment has sold over 52 million tickets in the last 12 months and is the ticketing partner for over 4,000 screens in 675 cities.
Previously in July 2017, Paytm acquired a majority
stake in Insider.in, an events ticketing platform, giving it a lead into the
rapidly growing live entertainment space in India. Furthermore since this
acquisition Paytm claims to have successfully ticketed over 8000 events
with over a million tickets sold.