Bigtree Entertainment, which operates online ticketing platform BookMyShow, today said it has raised USD 100 million (about Rs 685 crore) in a funding round led by TPG Growth. BookMyShow, in a statement, said it has “executed definitive documents” to raise the said amount in Series D funding and the round has seen participation from existing investors as well.
“This fresh infusion of funds will fuel BookMyShow’s growth plans as it transforms into the ultimate ‘Entertainment Destination’ for its customers,” it added. In July 2016, BookMyShow had raised over Rs 550 crore, led by US-based Stripes Group.
“BookMyShow is excited to welcome TPG Growth as our newest partner. They 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,” BookMyShow founder and CEO Ashish Hemrajani said.
Akshay Tanna, a Principal at TPG Growth, said India’s entertainment industry that was traditionally dominated by movies, is rapidly changing and expanding, driven by factors such as rising income levels, growing consumer appetite, and higher internet usage. “In partnering with BookMyShow, we saw the opportunity to invest behind an innovative company that is set to benefit from these trends and become the leading organization across entertainment genres,” he added.
TPG Growth has been actively engaged in the global media and entertainment landscape. Across funds, TPG’s portfolio in the sector includes Spotify, Cirque du Soleil, Creative Artists Agency (CAA), Moretickets, STX Entertainment, and Vice Media. Avendus Capital was the exclusive financial advisor to BookMyShow and Shardul Amarchand Mangaldas & Co. were the legal advisors representing the company during this round, the statement said.