Alibaba buys majority stake in TicketNew

Chinese e-commerce firm Alibaba has reportedly picked up a majority stake in Chennai-based online ticketing website 'TicketNew'. Ramkumar Nammalvar, founder and CEO of TicketNew reportedly said: “Alibaba plans to invest to the tune of US$18.6 million (₹120 crore) over a period of time." Notably, TicketNew claims to have a presence in over 30 cities across India.

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