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.’