Bigtree Entertainment Pvt. Ltd., which owns and operates BookMyShow announced raising Rs. 550 crore in its fourth and largest single financing round.
Mumbai based movies and events ticketing platform has raised funding by US based Stripes Group, and saw participation from all existing investors - Network 18, Accel Partners, and SAIF Partners to further strengthen BookMyShow's position as the largest online entertainment ticketing platform in the country.
This fresh infusion of funds comes at a time when BookMyShow has entered new international territories such as Indonesia and looks to transform into the preferred 'Entertainment Destination' within India.
"We are excited to welcome Stripes Group on board as our newest partner, which comes with a wealth of experience in digital entertainment asset. With BookMyShow being their first investment in the Indian market, alongside the display of confidence by our existing investors Network 18, Accel Partners and SAIF Partners, this is an overall testament to how they believe in our roadmap for growth and innovation within the entertainment space," said CEO snd Co-Founder BookMyShow, Ashish Hemrajani.
"These funds will be utilized towards rolling out exclusive entertainment experiences on BookMyShow, enhancing the overall offering for our users, while we hopefully build out a 360 degree gateway of entertainment in India," added Hemrajani.
"We are thrilled to be partnering with three very special founders - Ashish, Rajesh and Parikshit as well as a world class team and group of investors at BookMyShow. We look forward to sharing our operating and investing experience with online transactional and ticketing businesses, as well as digital media, to help the Company continue to scale," said Managing Partner Stripes Group Dan Marriott.
BMR Legal served as the legal advisor and Avendus Capital was the exclusive financial advisor to Bigtree Entertainment Pvt. Ltd. during this round.
The company doubled the number of tickets sold in FY16 to 100 million tickets and plans to continue to grow at that pace.
Along with booking tickets Bookmyshow is also now focusing on the generation of user content through its review platform and creation of special marketing campaigns for new movies.
