Hollywood Reporter – Alibaba Pictures Buys Majority Stake in Indian Movie Ticketing Firm for $18.6M

The investment comes on the heels of similar acquisitions by Alibaba within China’s domestic online ticketing market.

June 7, 2017

‘Chinese e-commerce giant Alibaba’s entertainment arm has acquired a majority stake in Orbgen Technologies Private Ltd., which runs online ticketing company TicketNew, for about $18.6 million.

An Alibaba Pictures representative confirmed a report by Press Trust of India to THR.

“Alibaba plans to invest to the tune of $18.6 million (1.2 billion rupees) over a period of time,” TicketNew founder and CEO Ramkumar Nammalvar said in the report.’

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