Alibaba Group’s flagship unit of entertainment arm, Alibaba Pictures Group Limited acquired a majority stake in India’s second largest online ticketing platform, TicketNew.
Marking Alibaba Pictures’ first big acquisition in the burgeoning internet ticketing industry outside of China, this strategic partnership will strengthen TicketNew’s operations and service portfolio.
Founded in 2007 by Mr. Ramkumar Nammalvar, TicketNew is a Chennai based ticketing website that has presence in over 300+ cities in India. Alibaba plans to invest to the tune of Rs. 120 crores over a period of time.