India’s largest mobile-first financial services platform Paytm has acquired Orbgen Technologies Private Limited, the entity that operates TicketNew, a Chennai-based online ticketing platform. The move comes as Paytm aims to become a one-stop destination for all movie and entertainment ticketing needs. It had recently announced a ticketing partnership with SPI Cinemas, which owns landmark properties such as Sathyam Cinemas, Le Rêve, The Cinema, in Chennai, Hyderabad, and Mumbai.
Talking about the new deal, Madhur Deora, Chief Financial Officer, and SVP, Paytm said that the company aims to be the leader in every Indian city. “We are on a mission to be the one-stop destination for all movie and entertainment ticketing needs. It is our goal to be the leader in every city in India and offer the opportunity to all cinema partners to reach Paytm’s customers. TicketNew founders have built a fantastic business in South India and share the same partnership mindset as Paytm,” Deora said.
He added that the step takes it closer to making Paytm Entertainment the No. 1 player in this space.
“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. With this acquisition, we have taken a step closer to our goal of making Paytm Entertainment the No. 1 player in this space,” he said.
In 2016, Paytm had entered the events ticketing space and since then has emerged as one of the largest players in India. Last year in July, it had also acquired a majority stake in “www.insider.in”, an events ticketing platform, to address the rapidly growing live entertainment space in India.
Paytm claims to have sold over 8000 events with over a million tickets sold, since this deal. Paytm and Insider’s events platform now sells India’s largest collection of events across music, sports, comedy and other lifestyle categories.
It claims to have increased online penetration in India by more than 50% and is India’s fastest growing entertainment ticketing platform. Paytm has also expanded its business in South India and is working with iconic single screen theatres & regional multiplex chains including Suresh Productions, V Celluloid, SVC and Anusri Cinemas among others.
Paytm was founded by Vijay Shekhar Sharma and is headquartered in the National Capital Region, India. The company’s investors include Softbank, SAIF Partners, Alibaba Group and Ant Financial.