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Alibaba Pictures acquires majority stake in ticketing co TicketNew; Paytm?

Alibaba Pictures Group Limited has acquired a majority stake in online movie ticketing platform TicketNew, the company has announced. Ramkumar Nammalvar, CEO and founder of TicketNew, will continue to head the business for the company. Nammalvar said that Alibaba plans to invest to the tune of Rs 120 crores over a period of time. Note that, according to Mint, the deal value of the transaction is $35 million for a 70-75% equity stake.  (Nikhil adds: It's worth noting that Chennai based TicketNew isn't a new company: the company, Orbgen Technologies, was incorporated in 2007, and it's one of the many ticketing sites in India. What's particularly noteworthy of Alibaba's investment in TicketNew is that this is an area that another Alibaba investee company, Paytm, is also very aggressive about. Paytm sold 3 million movie tickets monthly last year. There were reports, last month, of…

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