Paytm has picked up a majority stake in the events ticketing venture Insider.in. Insider.in is run by OML Entertainment. As per a report by The Ken, Paytm is taking a majority stake in Insider.in for $5.42 Mn (INR 35 Cr). The deal is still in progress. It will see some part of the investment flowing into Insider.in and some in parent company OML Entertainment.
The news about the possible deal had first surfaced in the last month. As per an ET report, Paytm was mulling to buy a stake in Mumbai-based Insider.in for about $30 Mn (INR 193 Cr). At that time, mails sent to Paytm and Insider.in by ET had not elicited any response. The Ken, however, states that the deal size is in the range of $5.42 Mn.
Insider.in is a leading ticketing platform for events and properties. This includes the likes of Bacardi NH7 Weekender and TV series The Dewarists. With a stake in Insider.in, Paytm will compete more aggressively against market leader BookMyShow. BookMyShow offers both movie and events ticketing.
A mail set out to Paytm elicited no response at the time of publication.
For Paytm, the stake in the events business will increase use cases for its existing wallet users. In March 2016, Paytm had partnered with Gurugram-based PVR Cinemas to bring PVR’s movie tickets to Paytm’s ecommerce platform.