Paytm acquires to compete against BookMyShow

Mobile wallet Paytm has acquired a majority share in the event ticketing website The company will be paying around $30 million to acquire the majority stakes

After weeks of speculation, mobile wallet Paytm has acquired a majority share in the event ticketing website is run by OML Entertainment and reports suggest that the company will be paying about Rs 35 crore to pick up a majority stake in the company, part of which will be invested in its parent company as well. The news of a possible deal had first surfaced last months when a report suggested that the company is coughing up around $30 million to acquire the ticketing company.

Paytm entered the e-ticketing market back in March 2016 allowing its users to book movie tickets using its app. The e-wallet had also partenered with PVR Cinemas last year to allow its users to book tickets using its app. With its latest move, it seems that Paytm, which is owned by the China-based Alibaba group, is placing itself in direct competition against the popular movie and event ticket booking platform Book My Show, which enjoys a 70 percent market share in India.

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Earlier this month, Alibaba also acquired majority stakes in a Chennai-based event ticket booking company TicketNew, which is India’s second largest ticket-booking platform. Interestingly, this is the first time that Alibaba Pictures has invested in an entity that is based outside China.

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Furthermore, Alibaba group already holds a majority stake in Paytm’s parent company One97 Communications and a minor share in Snapdeal. Reports suggest that the company is also collaborating with the Indian arm of UCWeb to expand its presence in the country.

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