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Paytm acquires Chennai-based TicketNew for $40 million

With this acquisition, Paytm hopes to take on major players such as BookMyShow.

BS Reporter  |  New Delhi 


New Delhi: Paytm, the brand owned by One97 Communications, has acquired Orbgen Technologies, the entity that operates Chennai-based online ticketing platform Sources put the deal size at around $40 million. Last year raised Rs 1.2 billion from Chinese e-commerce giant

With this acquisition, hopes to take on major players such as BookMyShow. According to the company, the acquisition will help it attain leadership status in south India.

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Entertainment 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.

First Published: Wed, May 23 2018. 00:44 IST