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Alibaba Pictures Group acquires majority stake in TicketNew, plans Rs 120 crore investment
MUMBAI: Alibaba Group’s flagship entertainment arm Alibaba Pictures Group has acquired a majority stake in India’s leading online ticketing platform TicketNew.
The deal marks the first major acquisition by the Chinese conglomerate in the online ticketing space outside China.
Alibaba will invest Rs 120 crore in the company to help it expand in tier 2 and 3 cities. Post-acquisition, Alibaba will have four nominees on the board of Orbgen Technologies, TicketNew’s holding company, while the promoters will have two representatives.
TicketNew will continue to operate independently while founder and CEO Ramkumar Nammalvar will continue to spearhead it. The platform was launched by Nammalvar in 2007.
The ticketing website has a presence in over 300-plus cities in India and has a headcount of over 250 employees.
Backed by Alibaba Pictures’ operational know-how and financial resources, the partnership can potentially help strengthen the leadership and market share of TicketNew in the e-commerce ticketing space and enable the company to capitalise on the burgeoning consumer market in India.
TicketNew founder and CEO Ramkumar Nammalvar said, “Alibaba plans to invest to the tune of Rs 120 crore over a period of time. We are delighted to work with Alibaba Pictures. This secures the future of our staff and the company for generations to come.”
“While we have already established our footprint strongly in the southern market, the partnership with Alibaba Pictures will take our services to every big and small region in India. Thus, we will emerge as the number one player in India,” he added.
TicketNew chief technology officer Sasiraman Venkatesan said, “We are a strong and growing force in India and, with Alibaba Pictures behind us, we will develop and grow our business at a much faster rate with the benefit of its global network, resources, and technology.”