In its continued efforts to own the online event ticketing space in India, Paytm has acquired Insider.in — a Mumbai-based food and entertainment ticketing platform. This is Paytm’s first acquisition in this vertical, and it reportedly cost the Alibaba-backed company Rs 35 crore. Insider.in is owned by Only Much Louder (OML), a leading talent management firm, that runs popular events like NH7 Weekender, Electric Daisy Carnival and The Grub Fest. Also Read - How to store your Aadhaar, COVID-19 certificate on Paytm appAlso Read - Karnataka government bans online games involving betting
Paytm turned to entertainment ticketing in March 2016 when it launched Paytm Movies that competes with market leader BookMyShow. Paytm Movies has been growing steadily and crossed Rs 400 crore in Gross Merchandise Value (GMV) earlier this year. Riding on cashbacks and bundled offers, Paytm has been able to convert many of its 220 million wallet users to transact on Movies. ALSO READ: How Paytm challenged the BookMyShow monopoly in online movie ticketing Also Read - Tech Tips: How to send money via Google Pay, PhonePe, PayTM without internet
Now, with the Insider.in acquisition, it is diversifying into non-movie ticketing, which is a fast-growing segment too. Last year Insider.in listed close to 4,000 events in sports, live comedy, music, food, culture, and more on its platform and recorded monthly active users (MAUs) of 1.1. million between October ’16 and March ’17, of which 30-40 percent were repeat users.
Paytm says that the organized events industry in India is worth around Rs 4,000 crore. Online penetration is fairly low at 10 percent, thus allowing companies ample opportunity to expand, especially in non-urban areas. “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, CFO and SVP, Paytm said in a statement. ALSO READ: Paytm to now focus on travel, hotels and movie ticketing with multiple offers and discounts
Insider.in was founded by Shreyas Srinivasan, an OML emplotee, in 2014. Following Paytm’s takeover, he will continue to operate the business, while OML founders Vijay Nair and Ajay Nair will serve as stakeholders and members of the advisory board, according to ET.