Paytm Entertainment, the wholly owned subsidiary of Paytm has received $8.95 million (approx. Rs. 61 crore) from its parent company One97 Communications. This was revealed through documents filed by the company with the Registrar of Companies (RoC).
The entertainment entity of Paytm deals into ticket booking for movies and other entertainment channels. In a statement, the company claimed that its entertainment arm has increased its online penetration in India by more than 50 percent.
After entering the ticketing segment back in March 2016 in partnership with PVR, Paytm has now managed to scale its presence to 660 cities. It recently acquired Chennai-based online ticketing platform Ticket New for ramping up its operations in the ticket booking business.
Earlier, in July 2017, the company had acquired a majority stake in Insider.in, an events ticketing platform, to tap into the rapidly growing live entertainment space in India. The deal is speculated to have cost $5.42 million (approx. Rs. 35 crore).
The company aims to sell over 100 million tickets by the end of this year and is working towards bringing onboard more regional theatres with single and multi-screens to provide them with online exposure. It claims to have achieved 5x growth in online ticket sales in 2017 by selling 52 million movie and events tickets.
Paytm Entertainment competes against Mumbai-headquartered online ticketing platform BookMyShow which reported a 27% jump in operating revenues to $46.2 million (Rs. 300.6 crore) in FY17, from $36.2 million (Rs. 236 crore) in the fiscal before that.