India’s leading online entertainment ticketing platform BookMyShow, owned and operated by Bigtree Entertainment Pvt Ltd has secured ₹685 crores in series D funding. This round was led by TPG Growth, the middle market, and growth equity platform of alternative asset firm TPG, along with participation from other existing investors.
Avendus Capital was the exclusive financial advisor to BookMyShow and Shardul Amarchand Mangaldas & Co. were the legal advisors representing the company during this round.
The funds raised will be used to grow the non-movie business to a significant scale, along with completing the transformation of BookMyShow into ultimate ‘Entertainment Destination’ for the users.
Ashish Hemrajani, Founder, and CEO, BookMyShow said, “BookMyShow is excited to welcome TPG Growth as our newest partner. They bring with them extensive experience across the global media and entertainment sector, which will be instrumental as we look to accelerate our growth plans in this space. The strategic value that all our investors continue to provide us will also be of immense importance as we begin a new chapter of our standout story.”
Partnering with TPG Growth will help BookMyShow explore new opportunities and the experience that TPG Growth brings after being involved in the media and entertainment business will help to accelerate its growth.
BookMyShow’s operational revenues grew 27% ballooning up to ₹300 crores in FY17, while losses surged to ₹139 crores during the same period, compared to just ₹1 crore in the previous year. The company is yet to report this year’s financials to the RoC.
BookMyShow is facing a stiff competition in the online movie ticketing business from its rival, Paytm. Paytm has claimed to have sold 52 million tickets in the last year growing at 500% since the launch of online ticketing on the platform in 2016. Paytm also claims to sell 100 million tickets this year alone. In comparison, BookMyShow with an active base of 30 million users sells 12 million tickets per month.
This recent infusion of funds will help BookMyShow tackle Paytm, while it tries to battle its growing losses.