Indian online payment commerce company Paytm’s movie ticketing business has hit a milestone mark of Rs 400 crore (€58m/£48m/$62m) in transactions since it first launched in March last year.
Paytm, which is currently India’s largest mobile payment platform, sees movie ticketing as the company’s next $1bn gross transaction vertical, along with travel.
In 2016, Paytm booked more than 25 million tickets through 3,500 screens in more than 550 cities. The company, which has partnered multiplex chains including PVR, Inox, Carnival and Cinepolis, plans to add 3,000 more screens in 2017.
“We have registered a high repeat rate for customers booking tickets on our platform — more than 50 per cent of all tickets booked on Paytm Movies are by repeat customers,” said Renu Satti, vice-president of Paytm, according to the Indian Economic Times newspaper.
“Currently, more than 60 per cent of our customers are below 30 years of age. However, we are focused on bringing exciting offers and promotions for diverse age groups.”
The company’s main competition and market leader BookMyShow said in January that it sold more than 100 million tickets in 2016, and expects to double growth in 2017 as it sharpens its focus on regional markets