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Monday, December 23, 2024 | 02:14 PM ISTEN Hindi

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BookMyShow looks for Flipkart's backing to combat Alibaba

A minority stake in BookMyShow to give Flipkart a play in the fast-growing online ticketing space and also an access to a high-spending loyal customer base

Flipkart, bookmyshow
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Alnoor Peermohamed Bengaluru
Amid competition from deep-pocketed global players like Alibaba, India’s leading online ticketing platform BookMyShow is looking for a backing in its space from Flipkart, the country’s largest internet company.
 
While BookMyShow has been one of the few profitable internet companies in India, with a profit of Rs 3.1 crore on a revenue of Rs 248 crore in the year that ended March 2016, competition from rivals like Paytm has caused sales growth to slow.
 
To shield itself from cash-burning rivals, BookMyShow will sell a minority stake to Flipkart, a behemoth with a cash reserve of $4 billion. For

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