While both of Paytm’s digital payments and spin-off e-commerce business are on a growth trajectory, the company is now looking to explore the scope of events and other experiences. According to fresh reports, it is mulling a $30 million investment in Insider.in for a majority stake in the Mumbai-based company.
Citing sources aware of the development, TOI reports Paytm is in active discussions with the Varun Nair-led events curation platform Insider.in. The digital payments major, owned by One97 Communications, is known to usually invest close to $5 to $7 million in any venture. This $30 million transaction will, however, be one of the largest external investments made by Paytm as it looks to battle the leading ticket booking platform BookMyShow’s events business.
This $30 million transaction will, however, be one of the largest external investments made by Paytm as it looks to battle the leading ticket booking platform BookMyShow’s events business. In addition to the growth of its wallet business, it has already made its mark on the ticketing booking business as well. It now provides ticket booking services for everything ranging from movies and railways to flights and events — whose growth it now plans to expedite.
Talking about the rumored investment, one of the sources said:
Paytm wants to get a pie of the events business which is a natural extension given it is already present in the movie ticketing space. They are interested in Insider for its youth-oriented base of users.
Another source has also added,
Insider.in will help Paytm curate handpicked content to ensure maximum visibility for such events.
Insider.in is owned and managed by Only Much Louder (OML), which was founded by Vijay Nair back in 2012. OML is a digital media enterprise which strives to bridge the entertainment and travel experience gap in the country. It has collaborated with some of India’s most renowned stand-up comedians, EDM artists, and actors to organize several events. The prominent ones being NH7 Weekender and Coalition conference.
The hand-picked events ticket booking platform has been developed by the same team behind the widely known NH7 Weekender experience. Parallely, it also runs a curated marketplace to offer products related to each event, workshop or other experience. On its official website, Insider.in has been described as under:
Insider.in is a platform that helps you discover and buy the best in events, travel, and food in your city. We strive to curate experiences that are worth your time and money, possibly something you have never tried before.
Paytm stepped foot into the movie ticket booking business earlier last year but now claims to have clocked a gross merchandise value (GMV) of around ₹400 crores. By clubbing most regularly used services in one neat application, coupled with cashback offers, Paytm has managed to capture a massive chunk of the ticket booking market. It has been offering discounts, ranging from Buy 1+Get 1 ticket to Buy 2 or more tickets to get up to ₹150 off on the total.
This development comes on the heels of BookMyShow also working to strengthen its own events business. It has recently not only scored funding but has also invested a substantial chunk of the same in Pune-based do-it-yourself (DIY) events platform Townscript for a 75 percent majority stake.
We’ve contacted both OML and Paytm for more information of this rumored transaction. You’ll receive updates once we hear back from either of them.
