US investors buy into Indian ticketing platform
An Indian event and film ticketing company has raised over US$81 million from a consortium of investors led by American venture-capital firm Stripes Group.
Bigtree Entertainment, the parent company of Bangalore-based start-up BookMyShow, which sells tickets to concerts, live experiences, theatrical shows, sporting events and films, announced today it has secured ₹5.5 billion (or ₹550 ‘crore’ in Indian English, with one crore equivalent to 10 million) from Stripes Group and existing investors Accel Partners, SAIF Partners and Network 18. BookMyShow CEO and co-founder Ashish Hemrajani says the company will put the cash towards “enhancing user experience through our data analytics engine and building contextual entertainment content including videos, reviews [and] discovery”.
“BookMyShow is uniquely positioned to tap into India’s digital advertising and entertainment markets, which are among the fastest growing globally”
Stripes Group managing partner Dan Marriott says the company is “uniquely positioned to tap into India’s digital advertising and entertainment markets, which are among the fastest growing globally”.
Film ticketing currently comprises around half of BookMyShow’s business, with live events and sports contributing 35% and advertising the remainder. In addition to India, the company has a presence in New Zealand, the UAE, Bangladesh and Indonesia.
BookMyShow, which values itself at ₹3,000 crore ($445m), doubled its ticket sales in 2015, to 100m.
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