Bigtree Entertainment Pvt. Ltd, which owns and operates BookMyShow, an online entertainment ticketing platform, has raised $100 million in Series D funding from investors led by TPG Growth.
TPG Growth is the mid-market and growth equity investment platform of US-based private equity firm TPG.
The latest round of funding also saw participation from existing investors, the company said in a statement on Wednesday.
BookMyShow plans to fuel its expansion plans with the latest fundraising, it said.
Founded by Ashish Hemrajani, Parikshit Dar and Rajesh Balpande, BookMyShow last raised ₹550 crore in July 2016 from Stripes Group, Accel Partners, SAIF Partners and Network18 at a valuation of more than ₹3,000 crore.
Hemrajani, BookMyShow’s founder and chief executive, said TPG Growth would “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,” he said.
While the core business for BookMyShow remains movie tickets, the company has, in recent years, begun diversifying into categories such as sporting events, music events and plays. Last year, it acquired Burrp, a local restaurant recommendation engine, from Network18.
With a presence in over 650 towns and cities in India, serving the entertainment demands of over 25 million customers, BookMyShow has grown to become one of the largest transacting e-commerce platforms in the country with over 10 million tickets booked every month on its platform.
On 25 January, Mint first reported that the company was in advanced talks to raise around $50-60 million (approximately ₹320-380 crore) from TPG Growth.
“TPG Growth is committed to partnering with dynamic companies and entrepreneurs that are at the forefront of global media and entertainment,” said Bill McGlashan, TPG Growth’s founder and managing partner.
“Traditionally dominated by movies, India’s entertainment industry is rapidly changing and expanding, driven by factors such as rising income levels, growing consumer appetite, and higher internet usage,” said Akshay Tanna, investment professional at TPG Growth.
TPG Growth, an active investor in the Indian consumer space, has a controlling stake in Bengaluru-based Rhea Healthcare Pvt. Ltd, which runs mother and childcare centres in India under the Motherhood brand, surgical equipment maker Sutures India Pvt. Ltd and India-focused cancer treatment chain Cancer Treatment Services International.
McGlashan is also co-founder and chief executive of The Rise Fund, which is the global social impact fund of TPG Growth.
Last year, TPG Growth invested $50 million in Dodla Dairy, through The Rise Fund. Its other investments in India include Lenskart, an online eyewear retailer.
Avendus Capital was the financial adviser to BookMyShow and Shardul Amarchand Mangaldas & Co. the legal adviser during this round.
Source: Mint