BookMyShow raises $100 million led by TPG, valuing it at $850 million

MUMBAI: Online entertainment ticketing company BookMyShow (BMS) said it has raised $100 million or Rs 685 crore in a new round of financing. Private equity fund, TPG Growth led the latest fundraise valuing the Mumbai-based Bigtree Entertainment, which rund BMS, at $850 million,post the investment, doubling its valuation from its last funding. The round also saw participation from existing investors, a prepared statement from the company said.US-based Stripes Group, Network 18, Accel Partners, and SAIF Partners are the company’s existing backers.
BookMyShow plans to use the newly raised funds to transform into an overall entertainment platform as it starts to go beyond selling tickets for movies and events. In all, the ticketing platform has now raised $220 million in investor capital with its last funding round coming in 2016 when Stripes Group came on board. At the time, it had racked up $80 million. BMS makes about 30% of its overall revenues from non-movie ticketing as it looks to produce shows and musicals like Cirque du Soleil, an announcement it made Wednesday. The e-ticketing space has seen competition with digital payments startup, Paytm, getting aggressive with acquisitions and investments of smaller ventures.
Part of the US-based TPG Capital, one of the largest private equity funds globally with more than $70 billion in assets under management, TPG Growth was founded in 2007 to specialize in growth equity and middle-market buyout opportunities. With a focus on the consumer sector, TPG Growth has backed the likes of e-tailer Lenskart in the internet sector.Ashish Hemrajani, founder & CEO, BookMyShow said, “TPG brings 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. The strategic value that all our investors continue to provide us will also be of immense importance as we begin a new chapter of our standout story.”
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.” Avendus Capital was the exclusive financial advisor to BookMyShow.