Alibaba makes another big move into India, acquired Chennai-based TicketNew

June 06, 2017, Chennai

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Chennai, June 6:  Chinese giant Alibaba Groups entertainment arm Alibaba Pictures Group has acquired a majority stake in Indias online ticketing platform TicketNew.

Alibaba made a big push in the entertainment business last year with the acquisition of Chinese video streaming site Youku Tudou for US$4 billion.

A year earlier, Alibaba Pictures acquired movie ticketing software company Yueke. TicketNew is its first major acquisition in the ticketing space outside of China.

"Marking Alibaba Pictures first big acquisition in the burgeoning Internet ticketing industry outside of China, this strategic partnership will strengthen TicketNews operations and service portfolio," TicketNew said in a statement. However, details of the deal were not disclosed.

TicketNew founder and CEO Ramkumar Nammalvar 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".

Ramkumar Nammalvar will continue to spearhead the business for TicketNew.

Founded in 2007 by Ramkumar Nammalvar, TicketNew is a Chennai-based ticketing website which has presence in over 300 cities in India. According to a reports TicketNew has an average ticket booking history of one lakh per day. With Alibaba coming on board, it hopes to increase its booking history to three lakh in the next eight months.