Mumbai-based Bigtree Entertainment, which owns and operates India’s leading online entertainment ticketing platform BookMyShow, announced today it has agreed to raise US$100 million in Series D funding led by TPG Growth, the middle market and growth equity investment platform of alternative asset firm TPG.
Existing investors are also participating in the round, which will be used to fuel the firm’s growth plans.
Bill McGlashan, TPG Growth Founder and Managing Partner and Co-Founder and CEO of The Rise Fund, said: “BookMyShow has a tremendous chance to transform how Indian consumers discover and experience entertainment, and we’re looking forward to working with Ashish and the team to capitalize on this opportunity.”
“Traditionally dominated by movies, India’s entertainment industry is rapidly changing and expanding, driven by factors such as rising income levels, growing consumer appetite, and higher internet usage,” said Akshay Tanna of TPG Growth. “In partnering with BookMyShow, we saw the opportunity to invest behind an innovative company that is set to benefit from these trends and become the leading organization across entertainment genres.”
Founded in 1999 and relaunched in 2007, BookMyShow is a leading entertainment ticketing platform that allows users to book tickets for movies, plays, sports and live events through its website, mobile app and mobile site. It is now present in over 350 towns and cities across India.
BookMyShow has also expanded its operations to Sri Lanka and Indonesia, and has invested in companies including Do-It-Yourself events registration and ticketing platform Townscript and Fantain, a fantasy sports platform for Cricket and Kabaddi.
In July 2016, BookMyShow secured over US$81.5 million in its fourth and the largest financing round, led by US-based growth equity firm Stripes Group, and saw participation from all of its existing investors, including Network 18, SAIF Partners, Accel Partners.
With approximately US$13.2 billion of assets under management, TPG Growth has been actively engaged in the global media and entertainment landscape. Its portfolio includes Cirque du Soleil, Creative Artists Agency (CAA), Moretickets, Spotify, STX Entertainment, and Vice Media.