The final week of May saw an acquisition that is likely to strengthen Paytm’s entertainment ticketing business. Paytm acquired Orbgen Technologies that operates the Chennai-based online ticketing platform TicketNew. The deal was likely closed between $30-40 million and Paytm will aquire the business from Alibaba Pictures, which the entertainment arm of the Alibaba Group.
Paytm has sold over 50 million tickets in the past 12 months whereas BookMyShow sells up to 10 million tickets per month. However, this new acquisition will add over 600 screens across Tamil Nadu, Kerala, Karnataka, Andhra Pradesh and Telangana. This will allow Paytm to further strengthen their foothold in the entertainment ticketing industry and allow them to reach their target of selling 100 million tickets.