Online entertainment ticketing platform BookMyShow which is owned and operated by Bigtree Entertainment Pvt Ltd has raised $100 million (Rs 685 crore) in its latest round of investment.
The Series D funding was led by TPG Growth, the middle market and growth equity investment platform of alternative asset firm TPG along with participation from existing investors.
The firm which has been looking to grow the non-movie business to a significant scale will look to deploy the capital in some of these areas for growth.
BookMyShow is excited to welcome TPG Growth as our newest partner. They bring 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, said Ashish Hemrajani, Founder and CEO, BookMyShow in a statement.
The online movie ticketing space has been witnessing intense competition with BookMyShow claiming to sell about 12 million tickets per month with an active user base of over 30 million customers. In comparison competitor Paytm claims to have sold 52 million tickets last year growing 500% in volumes since its launch in May 2016.
BookMyShow has a tremendous chance to transform how Indian consumers discover and experience entertainment, and were looking forward to working with Ashish and the team to capitalize on this opportunity, said Bill McGlashan, TPG Growth Founder and Managing Partner and Co-Founder and CEO of The Rise Fund.
BookMyShows operational revenues grew 27% to Rs 300 crore in FY17 while losses rose to Rs 139 crore during the same year compared to Rs 1 crore the year ago.
Industry experts tracking the space peg BookMyShows movie ticketing segment to have grown at over 25-30% annually with the firm having clawed back to retain its market leadership position in FY18.
BookMyShow is yet to file its financials for FY18 with the registrar of companies. The company is present across over 4,500 screens in about 650 cities while Paytm offers movie tickets for about 4,000 screens across a similar breadth of cities.
Avendus Capital was the exclusive financial advisor to BookMyShow and Shardul Amarchand Mangaldas Co were the legal advisors representing the company during this round.