BookMyShow, the online entertainment ticket booking platform has raised $100 million (Rs 685 crore) in Series D funding round which was led by TPG Growth, the middle market and growth equity investment platform of alternative asset firm TPG.
The latest funding round saw the participation of other existing investors too. Bigtree Entertainment owned company has been looking forward to growing the non-movie business to a great extent and thus, these funds will be used in some of these areas for growth.
“BookMyShow is excited to welcome TPG Growth as our newest partner. They 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. The strategic value that all our investors continue to provide us will also be of immense importance as we begin a new chapter of our standout story,” said Ashish Hemrajani, Founder and CEO of BookMyShow.
For a long time, the ticketing company has been facing a good fight with BookMyShow which claims to sell about 12 million tickets per month with an active user base of over 30 million. On the other hand, its competitor Paytm claims to have sold 52 million tickets last year.
Talking about the revenue and growth of the company, BookMyShow’s revenues increased 27% to Rs 300 crore in FY17 while losses increased to Rs 139 crore in the same year which was Rs 1 crore the year ago. And the financial details of FY18 are yet to be filed.
“BookMyShow has a tremendous chance to transform how Indian consumers discover and experience entertainment, and we’re looking forward to working with Ashish and the team to capitalize on this opportunity,” said Bill McGlashan, TPG Growth Founder and Managing Partner and Co-Founder and CEO of The Rise Fund.
BookMyShow is present across 4,500 screens in over 650 cities. On the other hand, Paytm offers movie tickets for about 4,000 screens across a similar number of cities.
The battle between the ticketing companies continues and BookMyShow is gearing up to give a tough competition to it and expand in all aspects.