Paytm has announced that it has acquired Orbgen Technologies, the firm that operates online ticketing platform TicketNew. The latest acquisition by the Noida-based company is aimed to expand its presence in South India and ultimately make its ticket booking platform a stronger competitor against BookMyShow that is widely popular in the online ticketing space. Financial terms of the deal weren't disclosed. However, it is confirmed that Paytm is set to bring TicketNew partner cinemas on board through the latest development.
"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," said Madhur Deora, Chief Financial Officer and SVP, Paytm, in a statement while announcing the acquisition.
As per the details available on Crunchbase, TicketNew was founded by Ramkumar Nammalvar back in 2007 as an online ticket-platform. The platform currently offers tickets for movies, theatres, and events. These are the avenues that are highly fruitful for Paytm to expand its footprint in the entertainment ticketing space.
Notably, prior to the acquisition, Paytm already had exclusive partnerships with various single screen theatres and regional multiplex chains in South India, including Suresh Productions, V Celluloid, SVC, and Anusri Cinemas among others, the company claimed. It also recently partnered with SPI Cinemas that owns landmark properties such as Sathyam Cinemas, Le Rêve, The Cinema, located in Chennai, Hyderabad, and Mumbai. Moreover, Paytm touts it has become India's fastest growing entertainment ticketing platform.
"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," said Deora in the statement.
In July last year, Paytm acquired a majority stake in events ticketing platform Insider.in for an undisclosed sum. At that time, the company accounted for 10 percent of the overall events ticketing volume.
Disclosure: Paytm's parent company One 97 is an investor in Gadgets 360.
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