Alibaba invests in TicketNew to continue its conquest of the Indian market
Alibaba continues to tap the potential of the Indian market by vigorously increasing its investment.
Alibaba invests in TicketNew, continues its conquest of the Indian Market
After around $200 million investment into Paytm, Alibaba Group's film division Alibaba Pictures has now acquired majority stakes in online ticketing platform TicketNew. This is the first time that Alibaba has crossed the China border to invest in an online ticketing platform.
Ramkumar Nammalvar, founder of TicketNew, said: “Online ticketing is increasingly becoming popular in tier-2 and tier-3 regions of India as well. While we have already established our footprint strongly in southern market, the partnership with Alibaba Pictures will take our service to every big and small region of India.”
Alibaba previously acquired online Chinese ticketing platform Damai.cn. The Indian film industry produces the maximum number of films in the world. Two recent hits, Dangal and Baahubali, have grossed over US$125 million each and are going strong. Dangal is a big hit in China, too, and Baahubali will be released there next month.
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."
The company also said that Alibaba Pictures’ operational know-how and financial resources will help them increase its market share in the online ticketing segment.