Paytm Entertainment gets Rs 61 crore from its parent company
Digital payments platform Paytm’s parent company and media giant One 97 Communications has invested Rs 61 Crore into Paytm Entertainment, its own subsidiary. Paytm Entertainment mainly deals in ticket booking for movies and other entertainment channels.
Paytm has been doing bringing some monument changes for the past few months to expand its operations and diversify its services. Earlier this month, Paytm announced Rama Subramaniam Gandhi, former deputy governor of the Reserve Bank of India (RBI), as its advisor. Paytm has also made several acquisitions in the past few months.
Paytm had acquired Chennai-based online ticketing platform Ticket New earlier this year to have a strong foothold in the ticket booking business. In July 2017, it acquired a majority stake in Insider.in, an events ticketing platform. According to the reports, Paytm took a majority stake in Insider.in for $5.42 Mn (INR 35 Cr).
Paytm is giving a serious competition to online ticket booking portal BookMyShow. Both the companies want to single-handedly dominate the entertainment ticketing space. Madhur Deora, chief financial officer and senior vice-president, Paytm, had claimed that the company currently contributes 25%-30% towards the opening weekend box office collection of major movies.
According to sources, Paytm aims to sell over 100 Mn tickets by the end of this year.
Also read; Paytm Acquires Tiger-Global Backed Cube26