Paytm, the brand owned by One97 Communications, has acquired Orbgen Technologies, the entity that operates Chennai-based online ticketing platform TicketNew. Sources put the deal size at around $40 million. Last year TicketNew raised Rs 1.2 billion from Chinese e-commerce giant Alibaba.
With this acquisition, Paytm hopes to take on major players such as BookMyShow. According to the company, the acquisition will help it attain leadership status in south India.
Paytm has increased its online penetration in the country by more than 50 per cent, and is working with iconic single-screen theatres and regional multiplex chains, including Suresh Productions, V Celluloid, SVC and Anusri Cinemas.
Recently, it announced a ticketing partnership with SPI Cinemas, which owns landmark properties such as Sathyam Cinemas, Le Rêve and The Cinema, in Chennai, Hyderabad, and Mumbai.- Business Standard