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BookMyShow raises Rs 550 cr in fourth round of funding
MUMBAI: Mumbai-based Bigtree Entertainment, which owns and operates BookMyShow, has raised over Rs 550 crore (Rs 5.50 billion) in its fourth and largest single financing round.
Led by US-based Stripes Group, the funding round saw participation from all existing investors—Network18, Accel Partners and SAIF Partners—further strengthening 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 CEO and co-founder Ashish Hemrajani commented, “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 Network18, 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 utilised 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,” added Hemrajani.
“We are thrilled to be partnering 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 Network18 chairman Adil Zainulbhai.
Accel Partners partner Prashanth Prakash 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.”
SAIF Partners MD Deepak Gaur 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 during this round.