Interestingly, the company revealed that existing investors which includes the likes Stripes Group, Accel Partners, SAIF Partners and Network 18 also took part in the round. However, the Mumbai-based firm did not reveal the names of the investors who infused more money in the company. The firm through a statement said that they will use the latest round in speeding up their expansion plans in the entertainment industry. Notably, Paytm, another player is quickly turning things around the entertainment market. Avendus Capital acted as the financial advisor for the deal on behalf of BookMyShow.
Ashish Hemrajani, the CEO and founder of the firm said that “They (TPG) bring with them extensive experience across the global media and entertainment sector, which will be instrumental as we look to accelerate our growth plans in this space. "With the fresh capital, the total raised money by the company so far is $200 million. Post the deal, the company valuation is expected to be around $750 million.
Hemrajani along with Parikshit Dar and Rajesh Balpande had started Bigtree Entertainment Pvt. Ltd in 1999 which used to help theatres manage their inventories. BookMyShow was launched in 2007 and ever since it has made a presence in more than 650 towns and cities in the country.
Notably, Paytm is giving a stiff competition to BookMyShow and current funding for the ticketing platform might have come on a perfect time.
Image Courtesy : BookMyShow,slideshare