Alibaba Group’s flagship entertainment arm, Alibaba Pictures Group Limited, has acquired a majority stake in India’s second-largest online ticketing platform, TicketNew which is based out of Chennai marking the group’s foray into entertainment industry as well.
Founded in 2007 by Ramkumar Nammalvar, the website has a presence in over 300-plus cities in India. This would capitulate Alibaba to have office in India too with major concentration on Tier 2 and Tier 3 cities. Alibaba Pictures also has an office in Los Angeles,USA.
Alibaba’s financial power and TicketNew’s leadership in its segment would make the venture a win-win situation for both. Nammalvar, CEO Founder of TicketNew said “Alibaba plans to invest to the tune of Rs 120 crore over a period of time. We are delighted to work with Alibaba Pictures. This secures the future of our staff and the company for generations to come.” He also added “Online ticketing is increasingly becoming popular in the Tier-2 and Tier-3 regions of India as well.”
“While we have already established our footprint strongly in the southern market, the partnership with Alibaba Pictures will take our services to every big and small region in India. Thus, we will emerge as the number one player in India,” he said further.