Skip to main content

Alibaba Pictures Group acquired TicketNew

Get updates direct: Subscribe via email
Tinuku ~ Alibaba Pictures Group acquires majority stake in TicketNew. Chinese e-commerce giant Alibaba Group through subsidiaries in the entertainment sector has invested more than Rs 120 crore to acquire majority stake in Orbgen Technologies Private Limited running TicketNew's online ticketing site.

Tinuku Alibaba Pictures Group acquired TicketNew

The acquisition is done through Alibaba Pictures Group Limited as Alibaba's flagship entertainment company. TicketNew founded by Ramkumar Nammalvar in 2007 is an online ticket booking platform for movies, theaters, sports, parties, and other entertainment events.

Nammalvar said Orbgen Technologies has been showing profits for the past five years. Alibaba will have four representatives on the board of Orbgen Technologies, while the other shareholders have two representatives.

Nammalvar also said the acquisition brings growth in the money for the company and provides a return on initial capital investment. The company recently added 120 employees who now have 250 people. TicketNew is present in over 300 cities in India.

"The company holds a strong position for the sale of movie tickets in India which has a large cinema network," Orbgen Technologies said.

Nammalvar hopes Alibaba's presence will encourage TicketNew to dominate which has a major competitor of BookMyShow. Nammalvar estimates the cinema ticket market in India is about US$2.2 billion to US$2.5 billion and online tickets only cover 10-15 percent.

Alibaba Pictures has expanded its business beyond the Chinese market. The company has offices in Los Angeles and continues to expand its move in Asia Pacific. In India, online movie tickets are becoming increasingly popular with rapid penetration. About 3,000 screens in India in TicketNew network

The strategic partnership of Alibaba Pictures and TicketNew can help strengthen leadership and market share. Orbgen has offices in Chennai and Hyderabad. They will set up offices in Delhi, Mumbai and Bengaluru soon.

Comments

Popular posts

Bayer sells plant science unit to BASF for Monsanto acquisition

Online P2P lending sales continue to soar in Indonesia

LG Chem open Europe's largest battery plant in Poland next year

Advan Digital unveiled Advan A8 smartphone

Bitcoin touched $5293 as the latest record