Mumbai-based Bigtree Entertainment Pvt. Ltd., which owns and operates BookMyShow, has raised over INR 550 crores ($81.5 M) in its fourth and largest single financing round. The round was led by US-based Stripes Group, and saw participation from all existing investors – Network 18, Accel Partners and SAIF Partners to further strengthen BookMyShow’s position as the largest online entertainment ticketing platform in the country. This fresh infusion of funds comes at a time when BookMyShow has entered new international territories such as Indonesia and looks to transform into the preferred ‘Entertainment Destination’ within India.
BookMyShow Raises Largest Single Funding of Over INR 550 Crores
“We are excited to welcome Stripes Group on board as our newest partner, which comes with a wealth of experience in digital entertainment asset. With BookMyShow being their first investment in the Indian market, alongside the display of confidence by our existing investors Network 18, Accel Partners and SAIF Partners, this is an overall testament to how they believe in our roadmap for growth and innovation within the entertainment space. These funds will be utilized towards rolling out exclusive entertainment experiences on BookMyShow, enhancing the overall offering for our users, while we hopefully build out a 360-degree gateway of entertainment in India,” – Ashish Hemrajani, CEO and Co-Founder, BookMyShow
“We are thrilled to be partnering with three very special founders – Ashish, Rajesh and Parikshit – as well as a world-class team and group of investors at BookMyShow. We look forward to sharing our operating and investing experience with online transactional and ticketing businesses, as well as digital media, to help the company continue to scale,” said Stripes Group Managing Partner Dan Marriott. “With a ubiquitous and trusted brand and a history of capital efficient growth, BookMyShow is truly a standout story. Already the clear leader in movie and live event ticketing, BookMyShow is uniquely positioned to tap into India’s digital advertising and entertainment markets, which are among the fastest growing globally.”
“BookMyShow’s team has shown great drive and foresight to create something unique for customers, partners and shareholders. This additional funding will help them expand even further. We are proud to have been their partners,” said Adil Zainulbhai, Chairman, Network 18.
Prashanth Prakash, Partner, Accel Partners said, “It has been an extraordinary journey since we invested in BookMyShow, four years ago. Their innovative customer experiences across both events and movies have been hugely appreciated. This new funding will help them in enhancing these experiences with original and contextual entertainment content.”
Deepak Gaur, Managing Director, SAIF Partners said, “We are very excited to be partners on BookMyShow’s terrific journey to be India’s leading entertainment platform enabled by technology and strong focus on customer experience. The current round of investment will further allow the company to make key investments in newer domains and enhancing the depth and coverage of entertainment needs of Indian consumers.”
BMR Legal served as the legal advisor and Avendus Capital was the exclusive financial advisor to Bigtree Entertainment Pvt. Ltd. during this round.
Based in New York City, Stripes Group is a leading growth equity firm that invests in Internet, digital media, software, and branded consumer products businesses around the world. For over a decade, Stripes Group has been partnering with market-leading companies with proven business’s that are generating exceptional growth. Some of their investments include companies like Blue Apron, GoFundMe, GrubHub, Upwork, Udemy, Craftsy, eMarketer, SilverSky to name a few.
BookMyShow was founded by business school friends Ashish Hemrajani, Parikshit Dar and Rajesh Balpande who were struck by the lack of a convenient, digital option to book tickets to India’s favorite pastime: movies. In its first years of operations, BookMyShow assisted theatres with inventory management and transitioning ticket booking capabilities online. In 2007, the Company launched a consumer facing platform which has grown to be the leading online ticketing destination for both cinema and live event ticketing in India. Headquartered in Mumbai, the trio has built a passionate and culture driven team of nearly 550. BookMyShow is now present in over 350 towns and cities across India.
Earlier this year, BookMyShow reported that 40% of their revenues is from non movie business. BookMyShow currently operates in 4 countries outside India – Bangladesh, New Zealand, UAE and Indonesia. According to Forbes India, it has a market share of about 85 to 90% of the online entertainment-ticketing market in India. BookMyShow faces stiff competition from KyaZoonga in the movie ticketing category. In other categories like sports and events companies like TicketGenie, MeraEvents, Townscript, Explara competes with BookMyShow.
BookMyShow has raised $124M till now from investors including Stripes, Network18, Accel and Saif Partners. They have acquired Bangalore based startup Eventifier, that aggregates and creates archives of social media content from conferences in 2015 and recently acquired Fantain sports, a startup that provides consultancy to sports companies on how to manage fan relationships.