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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 

Paytm

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.

ALSO READ: Paytm may process Rs 600 bn in monthly bank transfers by end of this year

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
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