Bigtree Entertainment, the holding company of India’s online ticketing company BookMyShow, announced an investment of US$25 million from SAIF Partners, along with existing investors Accel Partners and Network18. The transaction values the company at over US$166 million, as per an official statement.
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.
Commenting on the transaction, Deepak Gaur, MD, SAIF Partners 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 has been scaling rapidly, more than doubling its revenues every year over the last few years. The company has over 35 million visits and approximately 500 million page views and has sold over 100 million tickets till date. The company has added 20 new cities by adding new cinemas or handling ticketing for events in those cities. BookMyShow now has a presence in over 200 cities and is striving to further penetrate the single screen 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.”
Avendus Capital was the sole financial advisor and BMR Legal was the legal advisor to 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.”