In an all-cash deal, online movie and event ticketing platform BookMyShow has acquired Mumbai-based food and restaurant search and recommendation website Burrp from Network 18.
In an all-cash deal, online movie and event ticketing platform BookMyShow has acquired Mumbai-based food and restaurant search and recommendation website Burrp from Network 18. “Please note that the Company (Burrp) on July 3, 2017 has entered into a Business Transfer Agreement with Foodfeata Wellcare Private Limited (FWPL) (a subsidiary of Big Tree Entertainment Private Limited) for transfer of Burrp undertaking as a going concern on slump sale basis. The transfer will be effective from July 1, 2017,” a release issued by Network 18 says. “Big Tree owns and operates the popular ticketing platform ‘BookMyShow’ and Burrp will be a natural fit in its portfolio,” the release further adds. The consideration for the slump sale is Rs 6.70 lakh.
Mansi Vora, Head of Mergers & Acquisitions at BookMyShow while talking about the deal said, “Movie going in India is a social activity and food is an integral part of it. This is where Burrp fits in for us. We are excited to have Burrp on board and look forward to benefiting from their experience, technology and partnerships to offer a superior and comprehensive offering to our users,” as quoted in an ET report.
Burrp was founded in the year 2006, by Deep Ubhi and Anand Jain and it currently lists over 60,000 restaurants across 14 cities. Recently the company ventured into redemption and couponing along with ticketing for F&B events which is likely to add value to the deal.