Paytm, run by One 97 Communications Ltd, has acquired a majority stake in Mumbai-based curated events platform Insider.in, a company statement said. The terms of the acquisition remain undisclosed.
In May, the Vijay Shekhar Sharma-led firm was in talks to invest up to $30 million (around Rs 193 crore) for a majority stake in Insider.in.
According to The Economic Times, the deal value is approximately Rs 35 crore. The acquisition will allow Paytm to integrate events listed on Insider.in on its app, giving a major boost to its online ticketing service.
Insider.in is operated by OML (Only Much Louder) Entertainment Pvt. Ltd, which runs the 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.
Insider.in was founded by Shreyas Srinivasan in August 2014. He joined OML in April 2010 and later launched the company’s digital business. Previously, he co-founded internet radio station RadioVeRVe. As part of the acquisition, Srinivasan will continue to operate Insider.in’s business and OML’s founders Vijay Nair and Ajay Nair will serve as stakeholders and members of the advisory board, the ET report stated.
According to Paytm, India’s organised events industry currently stands at Rs 4,000 crore, with online ticketing accounting for a mere 10% of the overall volume since customers face hurdles in the form of limited events discovery. Paytm's online movie ticketing service spans 3,500 screens across 550 cities.
Patym introduced movie and events tickets last year in March.
“Events discovery and ticket booking is a challenge for customers and organisers alike. We believe that digital discovery and events marketing expertise will increase the supply of quality events in India,” Madhur Deora, chief financial officer and SVP, Paytm, said.
Paytm, which typically puts in $5-7 million in startups, invested an undisclosed amount in Noida-based health-tech startup QorQL in April this year.
In 2015, it led a $10-million funding round along with other investors in autorickshaw service aggregator and hyperlocal delivery firm Jugnoo.
Paytm has also made a number of acquisitions. In December 2015, it acquired Gurgaon-based services marketplace Near.in for $2 million.
In the following month, it bought Delhi-based consumer behaviour prediction platform Shifu for $8 million.
In September last year, the firm acqui-hired e-learning marketplace EduKart for an undisclosed amount, and in November 2016, it acquired online-to-offline shopping startup Shopsity.