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Mumbai-based Bigtree Entertainment, the company that owns and operates BookMyShow, one of the largest online entertainment ticketing platforms in India, has secured over INR 550 crore (US$81.5 million) in its fourth and the largest financing round.

The round was led by US-based growth equity firm Stripes Group, and saw participation from all of its existing investors, including Network 18, Accel Partners and SAIF Partners.

Ashish Hemrajani, CEO and Co-founder, BookMyShow, said: “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.

The 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.

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.

“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,” Stripes Group Managing Partner Dan Marriott said.

“With a ubiquitous and trusted brand and 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,” Marriott added.

Deepak Gaur, Managing Director, SAIF Partners, said, “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.”