BookMyShow (BMS), owned and operated by Bigtree Entertainment, has secured over Rs 550 crore ($81.5 million) in funding, led by US-based Stripes Group and existing investors that include Network 18, Accel Partners, and SAIF Partners. The company has raised about Rs 200 crore in funding so far.
The Mumbai-based firm will use the proceeds of funding to strengthen its international presence as well as ramp up offerings in the domestic market as reported by The Financial Express.
The company will also use the funds to bolster the content on its platform and acquire firms working in areas like big data and analytics.
BookMyShow CEO and co-founder Ashish Hemrajani told PTI that the current round values the company at close to Rs 3,500 crore ($445 million). These funds will be utilised towards rolling out exclusive entertainment experiences on BMS, enhancing the overall offering for BMS users. The company had entered the Indonesian market last month and will foray into Sri Lanka later this month, he added.
The startup has now its presence in over 350 towns and cities across India which was founded in 1999 in Mumbai by Ashish Hemrajani, Parikshit Dar, and Rajesh Balpande, and re-launched in 2007. The platform allows users to book tickets for movies, plays, sports and live events through its website, mobile app and mobile site.
In March, the company acquired a majority stake in Chennai-based fan relationship management solutions provider Fantain Sports Pvt Ltd., The Economic Times reported citing company sources.
Hemrajani said that the company expects to register 100 per cent jump in revenues this fiscal but did not disclose the revenue numbers. The company has introduced many features like reserve now-pay later, mobile wallets and cash top-up of wallet for its users he added while talking about the Indian operations.
It is also reported that the company saw about 100 million transactions on its platform in 2015-16.
BMS wants to become a digital entertainment destination and is working on expanding the market and focusing on solving issues like payments and connectivity to drive usage.
The company also has plans to acquiring companies in areas like big data and analytics to enhance user experience on its platform.