Bigtree Entertainment Pvt. Ltd., which owns and operates BookMyShow, has raised INR 5,500 million (USD 80 million) in its fourth and largest single financing round, placing it amongst the most valuable internet brands in the country.
The round was led by US based Stripes Group and saw participation from all existing investors – Network 18, Accel Partners and SAIF Partners to further strengthen BookMyShow’s position as the largest online entertainment ticketing platform in the country. This transaction marks Stripes Group’s first investment in India.
This fresh infusion of funds 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. BookMyShow has emerged as a unique convergence of user engagement and commerce.
Avendus Capital was the exclusive financial advisor to this transaction. This was Avendus’ third transaction with BookMyShow in the past four years which has seen the company grow ten-fold and demonstrate exceptional value creation.
Ashish Hemrajani, CEO & Co-Founder, BookMyShow commented, “We are excited to welcome Stripes Group on board as our newest partner. With BookMyShow being their first investment in the Indian market, alongside the display of confidence by our existing investors Network18, Accel Partners and SAIF Partners, this is an overall testament to how they believe in our roadmap for growth and innovation within the entertainment space. These funds will be utilized towards rolling out exclusive entertainment experiences on BookMyShow, enhancing the overall offering for our users, while we hopefully build out a 360-degree gateway of entertainment in India”.
“Avendus Capital are partners for us and not investment bankers. Moreover, they are within a close circle of confidantes and friends we lean on from time to time. Our relationship goes beyond fund raising transactions”, added Hemrajani.
Aashish Bhinde, Executive Director, Avendus Capital said, “BookMyShow has been one of the few Internet assets in the country that has built a large and differentiated business on the back of strong customer loyalty. It’s a testament to a strong organization built by the three founders on sound business fundamentals that stand the test of market ups and downs. Stripes Group brings rich insights in this domain and further strengthens an already strong investor base.”
BookMyShow, (Bigtree Entertainment Pvt. Ltd.), is India’s largest online entertainment ticketing platform that allows users to book tickets for movies, plays, sports and live events through its website, mobile app and mobile site. Founded in Mumbai (India) in 1999 and re-launched in 2007, BookMyShow is now present in over 350 towns and cities across India, currently meeting the entertainment demands of millions of customers.
For more information, please visit www.bookmyshow.com
About Avendus Capital Pvt. Ltd. (“Avendus Capital”)
The Avendus Group (Avendus) is a leading provider of financial services with an emphasis on customized solutions in the areas of financial advisory, capital markets, wealth management, credit solutions and alternative assets management. Avendus relies on its extensive experience, in-depth domain understanding and knowledge of the regulatory environment, to offer customized solutions that enable clients to meet their strategic aspirations. Avendus has consistently been ranked among the leading financial advisors by overall number of deals. In CY2015, the firm was amongst the top three financial advisors by overall number of deals in India (as per Mergermarket). It has a strong track record crossborder transactions and has helped multiple clients benefit from opportunities across geographies. Avendus’s wide range of clients is testimony to its ability to serve its corporate clients throughout their life cycle – from growth stage funding to complex, large sized transactions later in the cycle.
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