BookMyShow joins league of Rs 1,000 crore club with new funding

BookMyShow joins league of Rs 1,000 crore club with new funding
Bigtree Entertainment Pvt. Ltd., (the Company) which owns India's leading online entertainment ticketing brand BookMyShow, on Wednesday announced the company has received an investment of Rs 150 crore from SAIF Partners and its existing investors Accel Partners and Network18.

With this new funding, the value of company increased by over three-fold and the Mumbai-based company joined the league of India's most valuable consumer Internet firms.

BookMyShow has been scaling rapidly, more than doubling its revenues every year over the last few years. With over 35 million visits and approximately 500 million page views, BookMyShow has grown to become one of the largest transacting e-commerce platforms in the country. The Company has sold over 100 million tickets till date.

With this round of financing, the Company is looking to invest in increasing its penetration outside Tier I cities, build on its infrastructure and expand its offering in order to take its customer experience to the next level. Avendus Capital was the sole financial advisor and BMR Legal was the legal advisor to this transaction.

Commenting on development, Ashish Hemrajani, Founder & CEO of BookMyShow, said, "We are very happy to have SAIF Partners as our latest investors. We are also very happy to have delivered value to our existing investors and the fact that both Network 18 and Accel have further invested in this round, shows their confidence in the company and the ability of the team to continue delivering and innovating."

Buoyed by development, shares of Network18 Group, which owns BookMyShow, were trading higher at Rs 63.25 a piece, up 3.77 per cent from previous closing on BSE at 10:40 hours.

Dion Global Solutions

Read more about: funding, bookmyshow
Story first published: Wednesday, June 18, 2014, 12:30 [IST]
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