Paytm has acquired TicketNew, an Alibaba backed ticketing firm for approx USD 40 million.

Madhur Deora, Chief Financial Officer and Senior Vice President, Paytm stated, “TicketNew founders have built a fantastic business in South India and share the same partnership mindset as Paytm. Under their leadership, Paytm is seeking to connect TicketNew partner cinemas to Paytm’s more than 300 million customers and further invest in helping grow their occupancy and revenues.”

Further as per the company, even after the acquisition is concluded, the TicketNew brand will continue to operate under its own name.

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