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Last Updated : Jul 20, 2018 04:50 PM IST | Source: Moneycontrol.com

BookMyShow bags $100 million in Series-D funding round led by TPG Growth

The latest round of funding will help the company strengthen its offering in a space that is being eyed by Alibaba-backed Paytm too

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Online ticketing platform BoomMyShow, which is owned and operated by Bigtree Entertainment, has raised Rs 68 crore or $100 million in a Series-D funding round led by private equity firm TPG Growth.

Existing investors of BookMyShow also participated in the round, the company said in a statement on Wednesday.

"TPG Growth 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," said Ashish Hemrajani, Founder and CEO of BookMyShow.

Launched in 2007, BookMyShow has a presence in 650 towns and cities in India. The latest round of funding will help the company strengthen its offering in a space that is being eyed by Alibaba-backed Paytm too.

Paytm had acquired Chennai-based online ticketing platform Orbgen Technologies in May to mark its presence in the online ticketing space.

BookMyShow, on the other hand, is focusing on growing the market by creating a better presence in the non-movie business as well. The company will deploy the capital it raised in growing its presence in the segment.

While BookMyShow claims to sell over 12 million tickets a month with an active user base of over 30 million customers, Paytm claims to have sold 52 million tickets in the last year alone.

Paytm launched its ticketing service in May 2016.

TPG Growth has an active portfolio of investments in the media and entertainment sector. A few of its investments in this sector include Cirque du Soleil, Creative Artists Agency (CAA), Moretickets, Spotify, STX Entertainment, and Vice Media.

"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," said Bill McGlashan, Founder and Managing Partner at TPG Growth, and Co-Founder and CEO of The Rise Fund.
First Published on Jul 18, 2018 03:56 pm
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