One97 Communications puts in additional INR31.68 crores in Paytm Entertainment

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Paytm, founded by Vijay Shekhar Sharma, started in the year 2010 and since then, the digital wallet platform has been heading on an emerging route. Till date, the company’s cumulative valuation costs around $480 million and it has expanded its footprints into various other domain as well.

One of which is Paytm Entertainment that got an investment of nearly INR 31.68 crore from One97 Communications, another firm, incorporated by Sharma.

A total of 35,20,000 equity shares was allotted as a part of this round at a premium of INR 80 each, according to sources.

Paytm Entertainment, an online movie and event booking platform, was launched by Paytm in 2016 through a partnership with a well known brand of multiplex chain PVR.

In 2017, Paytm said that it had sold over 52 million movie and event tickets in 2017, and it plans to sell over 100 million tickets by the end of 2018.

Furthermore, as per RedSeer’s report, with more top players acquiring the smaller ones, a CAGR of 20 percent is expected in the online ticketing industry by 2020.

Further, online ticketing market saw an interesting spin in 2016 with up to 45 percent growth in the non-movie category, the report added.

RedSeer also pointed out that the sale of online movie tickets has gone up by nearly 30 percent in the metros and about 16 percent in Tier I.

Other significant players in the entertainment section with similar objective as Paytm Entertainment are BookMyShow, Insider, TicketNew, Ticketplease, Atom Tickets, Hungama and many more.

Read more: Paytm’s parent firm One97 Communications in talks with Yes Bank to pick up stake : Sources

Read moreVijay Shekhar Sharma invests an undisclosed amount in spacetech startup Kawa Space

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