Paytm, India’s biggest digital payments company, has acquired a majority stake in online ticketing and event management platform Insider.in. The deal is worth a little more than Rs 35 crore, The Economic Times reported on Thursday.
Insider.in is backed by event management company Only Much Louder.
While Insider Founder Shreyas Srinivasan will continue to run the business, OML founders Vijay Nair and Ajay Nair will remain stakeholders and members of the advisory board. Following the acquisition, the focus will be on making Insider.in accessible to Paytm users.
“Through the association with Paytm, we can expect Insider.in to reach the next 100 million Indians who are coming online, who will become aware and interested in cultural events, which is the focus of the platform,” Vijay Nair said.
Insider.in was earlier owned by OML, which is one of India’s leading ticketing platforms for events such as the Bacardi NH7 Weekender and television series “The Dewarists”.
India’s organised events industry is estimated to be worth Rs 4,000 crore. But online ticketing accounts for only 10% of the overall volume of sales at present.