Digital payments startup Paytm has acquired a majority stake in the online ticketing and events platform Insider.in for a little over Rs 35 crore.
After establishing the country’s fastest growing online movie ticketing service spanning 3500 screens across 550 cities, Paytm has been expanding into events ticketing and discovery, helping customers to discover events on its platform.
Commenting on the acquisition, Paytm’s SVP and CFO Madhur Deora said, “We are excited to partner with Insider to help our users discover and book tickets. This is a natural extension for us as we continue to build India’s go-to destination for online movies and events.”
Insider.in was founded by Shreyas Srinivasan in August 2014. Operated by OML Entertainment Pvt. Ltd, which behind annual, multi-city music festival Bacardi NH7 Weekender and TV series The Dewarists. It is a curated lifestyle platform that gives users access to select events and products. Besides, Insider.in provides tools, data and analytics to organisers that enables them to conceptualise, market and execute their events more efficiently.
“We are excited to partner with Paytm and build India’s largest community of event goers. At Insider, we curate the best events and experiences so users can seamlessly discover the best way to spend their leisure time,” said founder-CEO Insider.in, Shreyas Srinivasan.
India’s organized events industry is currently at Rs. 4,000 crores with organized sporting leagues and events accounting for the largest portion of ticket sales. Online ticketing accounts for a mere 10 percent of the overall volume, since customers face hurdles in the form of limited event discovery.
The acquisition terms remain undisclosed, However, it will allow Paytm to integrate events listed on Insider.in on Paytm app, giving a major boost to its online ticketing service.