India’s biggest online payment portal Paytm, which is backed by One97 Communications has announced its acquisition of a majority stake in Insider.in, an online ticketing and events platform backed by event management company Only Much Louder (OML) for about Rs.35 Crore.
However, Insider.in founder Shreyas Srinivasan will continue leading the operations, while OML founders and brothers Vijay and Ajay Nair will remain stakeholders and members of the advisory board. With acquisition Paytm will able to provide its customer to discover a wide selection of events and book instantly which will give a major boost to its online ticketing platform.
Insider.in which runs under OML Entertainment, better known as Only Much Louder, is founded in 2014 by Shreyas Srinivasan. The platform provides tickets for premium events like live events in music, comedy and alternative culture, digital and TV content, artist management across a diverse spectrum of the arts – music, comedy, storytelling, and much more.
“From the first meeting with Vijay Shekhar and Madhur, we realized that Paytm was a perfect partner for Insider. We are excited to join forces with them and build out the best event discovery and ticketing experience in India,” OML founder Vijay Nair said in a statement.
Commenting on deal, Paytm’s chief financial officer and senior vice president Madhur Deora said: “This is a natural extension for us as we continue to build India’s go-to destination for online movies and events,” “We believe that digital discovery and events marketing expertise will increase supply of quality events in India.”
According to Paytm, India’s organized events industry is estimated to be worth Rs 4,000 crore, with sporting leagues and events accounting for the largest portion of ticket sales. Online ticketing accounts for 10% of the overall volume since customers face hurdles in the form of limited event discovery. Paytm’s online movie ticketing service spans 3,500 screens across 550 cities. Read more about Indian Startup Ecosystem.