Alibaba Pictures buys majority TicketNew stake

Alibaba Group's entertainment arm Alibaba Pictures Group has acquired a majority stake in India's online ticketing platform TicketNew. "Marking Alibaba Pictures' first big acquisition in the burgeoning Internet ticketing industry outside of China, this strategic partnership will strengthen TicketNew's operations and service portfolio," TicketNew said in a statement.

However, details of the deal were not disclosed. TicketNew founder and CEO Ramkumar Nammalvar said, "Alibaba plans to invest to the tune of Rs 120 crore over a period of time. We are delighted to work with Alibaba Pictures. This secures the future of our staff and the company for generations to come". Ramkumar Nammalvar will continue to spearhead the business for TicketNew. Founded in 2007 by Ramkumar Nammalvar, TicketNew is a Chennai-based ticketing website which has presence in over 300 cities in India.