While the brand has not disclosed any details pertaining to deal, industry sources revealed that the size of the deal is somewhere between $30 million and $40 million.
As per the sources, Paytm has bagged majority stake held by Alibaba Pictures, an arm of China’s internet giant Alibaba.
Alibaba Pictures acquired majority stake in TicketNew on June 5, 2017 for an undisclosed sum. This was the first acquisition in the internet ticketing industry, outside China.
Thorough this acquisition, Paytm is aiming to tap 300 million customers and further invest in helping grow their occupancy and revenues. The brand said that the deal will be beneficial as the penetration of online market has increased by 50 per cent.
In 2016, Paytm entered the events ticketing space and since then has emerged as one of the largest players in India.