BookMyShow Receives $25 Million in Financial Funding.
The holding company of India’s online ticketing company BookMyShow, Bigtree Entertainment, has recently announce a financial investment of up to US$25 million from SAIF Partners, along with currently existing investors Accel Partners and Network18. The transaction values the company up to US$166 million, as stated in an official statement.
With this recent round of funding, the company is planning to invest into increasing its penetration outside Tier I cities, developing on its infrastructure and expanding its own offering in order to take its customer experience towards a whole new level.
Deepak Gaur, MD, of SAID Parthers has recently commented on this transaction by stating,“We are delighted to participate in this exciting journey of bringing world-class convenience to consumers across entertainment verticals that BookMyShow offers. We are confident that with the current round of capital raise, BookMyShow team will continue to strengthen the relentless focus on innovation, customer service and technology as our country takes rapid strides in internet penetration.”
BookMyShow has been scaling quickly, more than doubling its revenue every year over the past few years. The company has over 35 million visits and approximately over 500 million page views and has manage to sell over 100 million tickers as to date. The company has also included over 10 new cities by adding new cinemas or handling ticketing for events within those cities. BookMyShow currently has presence in over 200 cities and is striving to further penetrate the single cinema segment in each of those markets.
On signing the deal, Ashish Hemrajani, Founder and CEO of BookMyShow said, “We are very happy to have SAIF Partners as our latest investors. The common vision of creating scalable and large businesses was aligned to our thought process. Their experience of having helped companies such as MakeMyTrip and Just Dial go public would be of immense value to us as we move forward in our growth plans. We are also very happy to have delivered value to our existing investors and the fact that both, Network 18 and Accel have further invested in this round, shows their confidence in the company and the ability of the team to continue delivering and innovating.”
Avendaus Captail was the only financial adviser and BMR Legal was the Legal Advisor for this transaction.
On the deal, Prashanth Prakash, Partner of Accel India said, “As an industry leader, BookMyShow continues to set the agenda when it comes to movie and event experiences in India. We look forward to supporting the team in continuing to enhance value for their customers and realising the potential of becoming the default destination for consumers’ entertainment needs.”