The Mumbai-based Bigtree Entertainment, who is the owners of BookMyShow, has obtained Rs. 550 crore as funds from US-based Stripes Group. It is its fourth and the biggest financing round. With this, the value of the company has reached Rs. 3,000 crore from Rs. 1,000 crore, according to sources. The company had raised Rs. 150 crore in 2014.
The financing round was led by Stripes Group and the existing investors which include Accel Partners, SAIF and Network 18. It will make BookMyShow as the biggest online entertainment ticketing platform in the nation.
According to the CEO and co-founder of the company, the funds will be utilized for creating unique entertainment experience on BookMyShow. The company plans to offer an all-encompassing entertainment in India. The fresh infusion of funds comes at an optimum time when the company is widening its operation into new markets like Indonesia.
The Company was formed in 1999 and after a brief hiccup, it was re-launched in 2007. It has its presence in more than 350 cities across the country. A significant share of revenues is accrued from movie segment while the rest comes from sports, live shows, and other events.
Accel Partners said that it was an excellent association since the group invested in BookMyShow four years ago. The latest infusion of funds will help improve the experience with innovative and appropriate entertainment content.
The entertainment hub enjoys a near monopoly and is complemented by well-funded agencies including Paytm which has recently stepped into the movie ticketing business and is making it mark by using discount cash back. The company is, however, facing increasing competition from other players like Kyazoonga, MeraEvents, and Explara.
Stripes Group is based in New York and specializes in areas such as e-commerce and the internet with more than $1.5 billion as assets.