BookMyShow raises Rs 550cr from Stripes, existing investors

Bigtree Entertainment, which owns and operates BookMyShow (BMS), has raised over Rs 550 crore in funding, led by US-based Stripes Group.

The series D funding round, which is the largest to date for the company, also saw participation from BMS' existing investors - Network 18, Accel Partners, and SAIF Partners.

The Mumbai-based firm will use the proceeds to strengthen its international presence as well as ramp up offerings in the domestic market. Besides, it will use the funds to bolster the content on its platform and acquire firms working in areas like big data and analytics. So far, BMS has raised about Rs 200 crore in funding. "The current round values the company at close to Rs 3,500 crore," BookMyShow CEO and co-founder Ashish Hemrajani told PTI.

These funds will be utilised towards rolling out exclusive entertainment experiences on BMS, enhancing the overall offering for BMS users, he added. BMS had entered the Indonesian market last month and will foray into Sri Lanka later this month, he said. BMS allows users to book tickets for movies, plays, sports and live events through its website, mobile app and mobile site.

Founded in Mumbai in 1999 and re-launched in 2007, BMS is now present in over 350 towns and cities across India. It raised funds in 2007, 2012 and 2014 from Network18, Accel and SAIF, respectively.

It saw about 100 million transactions on its platform in 2015-16. While Hemrajani did not disclose the revenue numbers, he said the company expects to register 100 per cent jump in revenues this fiscal.

Talking about the Indian operations, Hemrajani said the company has introduced many features like reserve now-pay later, mobile wallets and cash top-up of wallet for its users.

"While we are working on expanding the market, the focus is also on solving issues like payments and connectivity to drive usage...We want to become a digital entertainment destination," he said.

Hemrajani said BMS is also looking at acquiring companies in areas like big data and analytics to enhance user experience on its platform.

BMS is Stripes Group's first investment in the Indian market. Its other portfolio companies include Art.com, GrubHub, Remitly, GoFundMe and eMarketer among others.

BMR Legal served as the legal advisor and Avendus Capital was the exclusive financial advisor to Bigtree Entertainment during this round.