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Paytm Entertainment Acquires Online Movie Ticketing Platform “TicketNew”

23-May-2018
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Paytm Entertainment Acquires Online Movie Ticketing Platform “TicketNew”

Paytm, the brand owned by One97 Communications Limited, one of India’s leading mobile payments company, has acquired Orbgen Technologies Private Limited, the entity that operates TicketNew, a Chennai-based online ticketing platform.

Paytm Entertainment has increased its online penetration in India by more than 50%. It has built a strong business in South India and is working exclusively with single screen theatres and regional multiplex chains including Suresh Productions, V Celluloid, SVC and Anusri Cinemas among others.

Recently, Paytm Entertainment also announced a ticketing partnership with SPI Cinemas, which owns properties such as Sathyam Cinemas, Le Rêve, The Cinema, in Chennai, Hyderabad, and Mumbai.

Madhur Deora, Chief Financial Officer, and SVP, Paytm, said, “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. Under their leadership, 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.”

Paytm Entertainment entered the events ticketing space in March 2016. In July 2017, Paytm acquired a majority stake in “www.insider.in”, an events ticketing platform, to address the rapidly growing live entertainment space in India.

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