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BookMyShow in investment talks with TPG

India's ticketing leader reportedly seeks to raise up to $60m from deep-pocketed American private-equity firm TPG Growth

By IQ on 25 Jan 2018

Ashish Hemrajani, BookMyShow

BookMyShow CEO Ashish Hemrajani


image © BookMyShow

India’s biggest ticketing firm, BookMyShow, is believed to be in talks to raise US$50–60 million in investment from US private-equity fund TPG Growth.

TPG Growth – the middle-market/growth capital division of TPG Capital, the majority owner of Creative Artists Agency (CAA) – holds stakes in Airbnb, Spotify, Uber, film production company STX, guitar-maker Fender and Papa John’s pizza, among other investments. Earlier this week it invested an undisclosed sum in African entertainment conglomerate Trace.

According to Indian business paper Mint, TPG is in “advanced” talks with BookMyShow parent Bigtree Entertainment, which has raised close to $125m since 2012. “BookMyShow has been in the market for some months to raise a new round of funding,” says a source. “The talks with TPG are at an advanced stage.”

“BookMyShow has been in the market for some months”

“TPG is looking to pick up a minority stake of under 10%,” they added, while another suggested TPG values the company at closer to $750m.

IQ has contacted TPG for comment.

BookMyShow’s last funding round, in July 2016, was led by US venture-capital firm Stripes Group, and raised more than $80m in new investment.

According to the International Ticketing Yearbook 2017, BookMyShow has dominated the online market for film tickets for a number of years, and has recently been placing an increased emphasis on concerts and other live content. Film ticketing is believed to comprise around half of its business, with live events and sports contributing 35% and advertising the remainder.

 


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