PayTM Acquired Majority Stakes Of Online Ticketing Platform Insider.in
This acquisition will enable hundreds of millions of PayTM customers to discover a wide selection of events and book instantly through Insider.
Shreyas Srinivasan, Online Ticketing Platform Insider.in founder will continue running the business, while Only Much Louder (OML) founders and brothers Vijay and Ajay Nair will remain stakeholders and members of the advisory board.
Online ticketing platform Insider.in is one of the leading ticketing platforms in India for events and properties including Bacardi NH7 Weekender, EDC and The Grub Fest.
“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,” said OML Founder Vijay Nair.
Following the acquisition, the focus will be on making Insider.in accessible to Paytm users, according to Vijay Nair, who met Paytm founder Vijay Shekhar Sharma this year and discussed the matter for about two to three months before closing the deal.
Paytm’s investors include Ant Financial (Alipay), Alibaba Group, SoftBank, SAIF Partners and Mediatek
Paytm has about 220 million 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,” Nair told ET.
“At Insider, we curate the best events and experiences so users can seamlessly discover the best way to spend their leisure time. Our platform also provides tools, data and analytics to organizers that enable them to conceptualize, market and execute their events more efficiently. Our partnership with Paytm will enable us to reach more organizers and event goers, and exponentially grow this ecosystem in India,” said Shreyas Srinivasan, Founder-CEO, Insider.in.
As per PayTM, India’s organized events industry is currently at INR 4,000 Cr, with organized sporting leagues and events accounting for the largest portion of ticket sales. Online ticketing accounts for a mere 10% of the overall volume since customers face hurdles in the form of limited event discovery.