An acquisition of restaurant recommendation search engine Burrp has been made by BookMyShow. The online ticketing platform acquires this start-up from Network18. Parent company of BookMyShow and promoter of Network18 is the same firm named Big Tree Entertainment.
Network18 said, Burrps insignificant contribution to revenue and investments led to divestment.
The acquisition includes the transfer of Burrps key assets to BookMyShow, including employees and existing restaurant partnerships, BookMyShow stated.
Burrps insignificant contribution to revenue and investments led to divestment, said Network18.
Network18 added, Burrp is Indias oldest food-tech business and currently lists over 56,000 restaurants across 12 cities. Burrps revenue during the 2016-17 fiscal year was Rs56.67 lakh accounting for 0.69% of Network18s turnover. The net worth as on 31 March 2017 stood at a negative Rs28.89 crore. The transaction is at arms length basis and being a slump sale does not have any impact on the shareholding pattern of the company. Also, the transfer will be effective from 1st July.
Mansi Vora, BookMyShow (MA) head said, Movie going in India is a social activity and food is an integral part of it. This is where Burrp fits in for us. We are excited to have Burrp on board and look forward to benefiting from their experience, technology and partnerships, Livemint reported.