more-inIn a significant move, Chinese e-commerce firm Alibaba has decided to invest more than ₹120 crore to pick up a majority stake in Orbgen Technologies Private Limited, which runs ticketing website TicketNew. The acquisition is being made through Alibaba Pictures Group Limited, the entertainment arm of the Chinese e-commerce major. He estimated the movie ticketing market in India to be in the vicinity of $2.2 billion to $2.5 billion. “In India, online movie ticketing is becoming increasingly popular, with increasing penetration in tier-2 and tier-3 regions. The strategic partnership between Alibaba Pictures and TicketNew can be mutually beneficial,” a release said.

Source: The Hindu June 05, 2017 16:32 UTC