BookMyShow Raises $100 Million In TPG Group-Led Funding
Online ticketing platform BookMyShow has raised $100 million (about Rs 680 crore) in a fresh funding round led by TPG Growth, an investment fund of private equity firm TPG.
The fresh infusion will be used to fuel growth plans, BookMyShow said in a statement. “They (TPG group) 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,” Ashish Hemrajani, founder and chief executive officer at the ticketing company, said in the statement.
Avendus Capital, which advised BookMyShow on the transaction, said other existing investors also participated in the round.
BookMyShow declined to comment on the valuation of the latest round. It last raised around Rs 550 crore in July 2016 from Stripes Group, Accel Partners, SAIF Partners and Network18 at a valuation of more than Rs 3,000 crore.
The online ticketing platform has added categories such as sporting events, music events and plays. Last year, it launched a music streaming and digital radio service, called Jukebox. To fuel its expansion, it made three acquisitions last year: video-on-demand platform Nfusion; local restaurant recommendation engine Burrp; and online ticketing platform Mastitickets.
BookMyShow, present in more than 650 towns and cities in India, gets over 100 million visits a month across all platforms.