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BookMyShow raises Rs 150 cr from SAIF Partners, Accel Partners and Network18
MUMBAI: Bigtree Entertainment, the holding company of ticketing company BookMyShow, has raised Rs 150 crore (Rs 1.5 billion) from new as well as existing investors. While SAIF Partners is the new investor in the company, existing investors include Accel Partners and Network18.
With this round of financing, the company is looking to invest in increasing its penetration outside Tier I cities, build on its infrastructure and expand its offering in order to take its customer experience to the next level.
BookMyShow founder and CEO Ashish Hemrajani said, “We are very happy to have SAIF Partners as our latest investor. 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.”
Avendus Capital was the sole financial advisor and BMR Legal was the legal advisor to this transaction.
“We are also very happy to have delivered value to our existing investors and the fact that both Network18 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,” Hemrajani added.
SAIF Partners MD Deepak Gaur said, “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 claims that it has been doubling its revenue every year over the last few years. With over 35 million visits and approximately 500 million page views, it has grown to become one of the largest transacting e-commerce platforms in the country. It also claims to have sold over 100 million tickets till date.
It has added 20 new cities by adding new cinemas or handling ticketing for events in those cities and now has a presence in over 200 cities, and is striving to further penetrate the single-screen cinema segment in each of those markets.
Accel India partner Prashanth Prakash 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.”
Network18’s Sarbvir Singh added, “BookMyShow has emerged as the country’s leading entertainment ticketing destination. The company continues to attract high-pedigree investors and with SAIF Partners joining Accel Partners and Network18, the BookMyShow team will be able to further enhance customer experience and market leadership. We were happy to participate in the transaction and look forward to the next phase of the BookMyShow journey.”
BookMyShow has been managing the ticketing (and on-the-ground logistics in some cases) for most of the sporting events in the country. It was the exclusive online ticketing partner for the recently concluded ICC T-20 Championship in Bangladesh. The company is also the exclusive ticketing partner for many IPL teams (including Mumbai Indians, Delhi Daredevils, Rajasthan Royals, Hyderabad Sun Risers, Chennai Super Kings and Kings XI Punjab) and also manages ticketing for IPL central rights along with accreditations. In addition, BookMyShow has been the exclusive online ticketing partner for Chennai Open Tennis championship, Super Fight League and Yonex Badminton.
It has partnerships with PVR, Inox, Big Cinemas, Fun Cinemas, Cinepolis, Sathyam, etc. for movie ticketing and has added over 300 single screen cinemas alone in the past one year. Live events such as Sunburn, NH7 Weekender and Viacom live events complete the overall offering as being a one-stop destination for consumers’ entertainment needs.