Chinese tech giant Alibaba has taken another bold by being a major stake holder of India online movie ticketing company TicketNew, reports The Hindu Businessline. The Chennai-based company enables the booking of movie theater tickets in over 300 cities across India.
Alibaba Group’s entertainment arm; Alibaba Pictures Group has acquired a majority stake in India’s 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,” TicketNew said in a statement.
However, details of the deal were not disclosed as we speak.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”.
Amazon has factored India’s craze for local movies into its game plan, with the launch of Amazon Prime at less than US$8 a year, which includes streaming movies and TV shows. It has tied up with several local producers to augment its collection of Indian movies in various languages on Amazon Prime.
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.India have great statues when it comes to internet of things?