PTIJul 13, 2017 17:07:52 IST
Paytm has acquired a majority stake in ticketing platform Insider.in, for events and properties, including NH7 Weekender, EDC and The Grub Fest, for an undisclosed amount. This will enable all Paytm customers discover a wide selection of events and book instantly, a company statement said. The country's organised events industry is currently at Rs 4,000 crore, with organised sporting leagues and events accounting for the largest portion of ticket sales, according to industry estimates.
Online ticketing accounts for only 10 per cent of the overall volume, due to limited event discovery. After establishing its online movie ticketing service spanning 3,500 screens across 550 cities, Paytm has been expanding into the events ticketing and discovery, helping customers discover events on its platform, it said in a statement.
"Events discovery and ticket booking is a challenge for customers and organisers alike....We believe that digital discovery and events marketing expertise will increase supply of quality events in India. This is a natural extension for us as we continue to build India?s go-to destination for online movies and events," Madhur Deora, Chief Financial Officer and SVP, Paytm said in a statement.
Insider curates events and experiences so users can seamlessly discover the best way to spend their leisure time. The platform also provides tools, data and analytics to organisers that enables them to conceptualise, market and execute their events more efficiently. This partnership with Paytm would enable Insider.in to reach more organisers and exponentially grow this ecosystem in India, it said.