Mumbai-based Bigtree Entertainment Pvt. Ltd., which owns and operates BookMyShow, has raised over Rs550 crores in its fourth and largest single round of financing. The round was led by US-based Stripes Group, and saw participation from all existing investors - Network 18, Accel Partners, and SAIF Partners.
The funding 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.
According to Ashish Hemrajani, CEO & Co-Founder, BookMyShow, the funds will be utilised to roll out exclusive entertainment experiences on BookMyShow.
“With a ubiquitous and trusted brand and history of capital efficient growth, BookMyShow is truly a standout story. Already the clear leader in movie and live event ticketing, BookMyShow is uniquely positioned to tap into India’s digital advertising and entertainment markets, which are among the fastest growing globally," said Stripes Group Managing Partner Dan Marriott.
“BookMyShow’s team has shown great drive and foresight to create something unique for customers, partners and shareholders. This additional funding will help them expand even further”, said Adil Zainulbhai, Chairman, Network 18, in a statement.
BMR Legal served as the legal advisor and Avendus Capital was the exclusive financial advisor to Bigtree Entertainment Pvt. Ltd. during this round.
Disclaimer- Network18 is the publisher of Forbes India.