Chinese e-commerce major Alibaba group has picked up a majority stake in Chennai-based TicketNew through its entertainment arm, marking its first big entry into the fast growing internet ticketing industry outside China. While the company did not reveal the extent of the stake, sources told FE that the Chinese major has picked up a 70% stake in TicketNew for an undisclosed amount. The acquisition was done by its entertainment arm Alibaba Pictures Group Limited. The company will be investing Rs 120 crore over a period of time into TicketNew. This is the first online entertainment investment by Alibaba Pictures in India.
TicketNew is the second largest internet ticketing company in India after BookMyShow and Alibaba’s investments will turn it into a pan-India operator in months to come. Founded in 2007 by Ramkumar Nammalvar, TicketNew is a Chennai based ticketing website that has presence in over 350 plus towns in India. It has currently lists more than 3000 plus screens on its site.