Online entertainment ticketing platform BookMyShow, owned by Mumbai-based Bigtree Entertainment Pvt. Ltd., has raised over Rs. 550 crores in its fourth round. Considered to be the largest single financing round, it was led by US-based Stripes Group, and existing investors – Network 18, Accel Partners and SAIF Partners.
These funds will be utilized towards rolling out exclusive entertainment experiences on BookMyShow, and enhancing the overall offering for its users.
BookMyShow had recently entered new international territories such as Indonesia and looks to transform into the preferred ‘Entertainment Destination’ within India.
Ashish Hemrajani, CEO and Co-Founder, BookMyShow, commented, “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.”
“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.
“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.