Paytm Entertainment raises Rs 31.68 cr from parent One97 Communications
Paytm Entertainment has raised Rs 31.68 crore in a fresh round of capital infusion from parent entity Noida-based One97 Communications.
A total of 3,520,000 equity shares were allotted at Rs 90 each, according to regulatory filings.
Digital payments unicorn Paytm launched its movie ticketing platform in March 2016 through a partnership with multiplex chain PVR.
Paytm Entertainment last raised Rs 61 crore from the parent company in June 2018. The firm has so far raised around Rs 93 crore from One97 Communications.
In July 2017, it bought a majority stake in Insider.in, a Mumbai-based platform for curated events. In May 2018, it acquired Chennai-based TicketNew to strengthen its position in the entertainment booking space.
Paytm’s entry into the entertainment booking segment has provided BookMyShow with tough competition.
It grew to nearly one-fourth the size of BookMyShow last year, said a study by consultancy firm RedSeer in November 2018.
Sale of online movie tickets has gone up by almost 30% in metros and about 16% in tier-I cities, the study said.
Movies continue to dominate the ticketing industry with over 50% revenues coming from films, followed by events, the study added.