Paytm has invested ₹35 Crore in events ticketing venture, Insider.in. The venture is operated by OML Entertainment. With this deal, Paytm will now had majority stake in the company. The deal is yet not finalised and still in progress. Paytm will be investing some part of the amount into Insider.in and another part in parent company OML Entertainment.
As per the media report, Initially, Paytm was planning to buy a stake in Mumbai-based Insider.in for about ₹193 Crore ($30 Million) and then gradually they came down to ₹35 Crore, which is a huge loss and contains mystery behind this, which is not revealed yet.
Insider.in is a leading ticketing platform for events and properties which contain thousands of people and have a huge network in entertainment. By holding the stake in Insider.in, Paytm will compete more aggressively against market leader BookMyShow. BookMyShow offers both movie and events ticketing.
The stake in the events business will not only increase the service area but will also connect Paytm with the market and can promote their offers across the country. In last year, Paytm had partnered with Gurugram-based PVR Cinemas to bring PVR’s movie tickets to this platform.