TV18 Group‘s internet arm, Web18, has acquired a majority stake in Bigtree Entertainment, an automated movie and entertainment ticketing company based out of Mumbai. The financial details are undisclosed. (Update: According to Business Standard, Web18 has acquired 60 per cent for $3-4 million) Bigtree was set up in 1999 by three young entrepeneurs. The company had received its first round investment from Chase Capital Partners, and in the second round by News Corporation.
The company plans to use the Web 18 investment to expand in the internet and mobile transactions space. According to a report, Bigtree provides its entertainment ticketing solutions and services across 35 cities in India.
Web18 had made a string of stake acquisitions in the web space such as Yatra.com, Jobstreet.com India, and also 100 per cent stake in Cricketnext.com and products comparison site compareindia.com.
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