Online movie ticket booking platform BookMyShow has raised Rs 550 crore in its fourth round of funding led by Stripes Group, a US based fund. Existing investors like Network 18, Accel Partners, and SAIF Partners also participated in the round.
The latest round of funding has raised the valuation of BookMyShow, owned by Bigtree Entertainment, to Rs
3,000 crore from R1,000 crore. The company had raised Rs 150 crore in 2014.
Ashish Hemrajani, CEO & co-Founder, BookMyShow said, “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.”
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 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 Stripes Group managing partner Dan Marriott.
Founded in Mumbai in 1999 and re-launched in 2007, BookMyShow is present in over 350 towns and cities across India. The company gets around 60% of its revenues from the movie segment while the rest comes from sports, live shows and other events.
Prashanth Prakash, Partner, Accel Partners said, “It has been an extra-ordinary journey since we invested in BookMyShow, 4 years ago. Their innovative customer experiences across both events and movies, have been hugely appreciated. This new funding will help them in enhancing these experiences with original and contextual entertainment content.”