Alibaba acquires majority stake In Indian ticketing startup TicketNew
Alibaba Pictures, the entertainment unit of China’s ecommerce major Alibaba Group, has acquired a majority stake in Chennai-based TicketNew for an undisclosed amount.
Post-acquisition, Alibaba will have four representatives on TicketNew’s board and the firm’s promoters will have two of their representatives. TicketNew founder and CEO Ramkumar Nammalvar will continue to spearhead the business. It also seems that TicketNew will continue working as an independent entity, as Alibaba further plans to invest $18.65 Mn (INR 120 Cr in the startup, per se media reports.
“Given Alibaba Pictures’ operational know-how and financial resources, the partnership can potentially help strengthen the leadership and market share of TicketNew in the ecommerce ticketing space and enable the company to capitalise on the burgeoning consumer market in India,’’ the company stated in an official statement.
This is the first time that Alibaba Pictures has invested outside China. Earlier, in January 2017, reports also surfaced about Alibaba Pictures is looking to make a $35 Mn investment in TicketNew, for a speculated 70-75% stake in the startup.
Furthermore, CEO Ramkumar also stated in an official statement, “Alibaba plans to invest to the tune of $18.65 Mn (NR 120 Cr) 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”.
Run under the name of Orbgen Technologies Private Limited, TicketNew was founded in 2008 by Ramkumar, V Sasi Raman, and Ravishankar Ramanujalu. Just like BookMyShow, TicketNew is an online ticket booking platform for plays, movies, events and more. Recently, TicketNew has also partnered with major multiplexes in the country.
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