Paytm, India's largest digital payments company, has acquired majority stake in Insider.in, the ticketing arm of events platform, Only Much Louder (OML) Entertainment.
Insider.in founder Shreyas Srinivasan will continue to run the operations, Paytm said in a statement.
Paytm did not disclose the financial details of the deal but two people privy to the development told BloombergQuint on condition of anonymity that it picked up majority stake at under $6 million. An emailed query to the company seeking confirmation did not elicit a response.
OML Entertainment is the creator of events like NH7 Weekender, EDC and The Grub Fest and launched Insider.in in 2014 to ticket its events. It then added events from other creators and entered into restaurants and travel discovery.
This is a natural extension for Paytm as it continues to build India's go-to destination for online movies and events, Madhur Deora, chief financial officer and senior vice-president, Paytm, said in the statement.
Events discovery and ticket booking is a challenge for customers and organisers alike. We believe that digital discovery and events marketing expertise will increase supply of quality events in IndiaMadhur Deora, Chief Financial Officer & Senior Vice-President, Paytm
Paytm estimates that India's organised events industry is currently worth Rs 4,000 crore, with organised sporting leagues and events accounting for the largest portion of ticket sales.
Just last month, Alibaba Pictures Group Ltd, the entertainment arm of Alibaba Group, who is also an investor in Paytm acquired majority stake in Chennai-based online ticketing platform TicketNew.
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