PayTM, the domestic digital payments startup, has acquired majority stake in the online ticketing and events platform Insider.in for INR35 crore. The startup, founded by Shreyas Srinivasan, was backed by backed by event management company Only Much Louder (OML). Vijay Nair, co-founder of OML, commented on the deal and said that “Through the association with Paytm, we can expect Insider.in to reach the next 100 million Indians who are coming online, who will become aware and interested in cultural events, which is the focus of the platform”.
India’s organized events industry is estimated to be worth INR4,000 crore, with sporting leagues and events accounting for the largest portion of ticket sales. Insider.in is buoying on this momentum, and had already recorded 4x-5x jump in the number of events and experiences added to the platform during last year. Shreyas Srinivasan, founder of Insider.in, added that “We saw 1.1 million monthly active users between October last year and March this year, which is the event season in India. We can also note that 30-40% of our users are repeat customers. The Paytm acquisition gives us both credibility and massive reach”.