E-wallet platform Paytm on Thursday announced it has acquired a majority stake in Insider.in, a ticketing platform of events company OML Entertainment, for an undisclosed sum.
Paytm has been expanding into the events ticketing industry that is currently pegged at Rs. 4,000 crores, with online ticketing accounting for 10 percent of the overall volume.
"Digital discovery and events marketing expertise will increase supply of quality events in India. This is a natural extension for us as we continue to build India's go-to destination for online movies and events," said Madhur Deora, Chief Financial Officer, Paytm, in a statement.
Insider.in provides tools, data and analytics to organisers that enables them to conceptualise, market and execute their events.
"Our partnership with Paytm will enable us to reach more organisers and event goers, and exponentially grow this ecosystem in India," added Shreyas Srinivasan, CEO Insider.in.
PTI cites people familiar with the matter to claim Paytm is in discussions to pick up minority stake in online grocery retailer, BigBasket for about $200 million roughly (Rs. 1,289 crores).
The due diligence is on and the deal could be finalised in the next few weeks, the PTI report added.
Earlier this week, Paytm Mall announced it was set to hire nearly 2,000 new personnel across various business and tech roles to effectively scale its operations. The shopping platform is under the wing of Paytm Ecommerce, a recently incorporated separate entity by the parent company One97 Communications, to address the potential.
Written with agency inputs
Disclosure: Paytm's parent company One97 is an investor in Gadgets 360.
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