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BookMyShow Posted Profit of 3.1 Crore in FY16

20Sep By PriyankaNo Comments

BUSINESS

BookMyShow Posted Profit of 3.1 Crore in FY16

BookMyShow.com, India's leading online entertainment ticketing platform posted Rs.3.1 crore profit on moday for the year ended 31 March, against a loss of Rs.13.5 crore in the year-ago period. Bigtree Entertainment Pvt. Ltd also known as Bookmyshow, Revenue rose to Rs.248 crore in the period from Rs.130 crore. Revenue from online ticket booking doubled to Rs.176.7 crore from Rs.88.4 crore. The company was founded in 1999 by Ashish Hemrajani, Parikshit Dar and Rajesh Balpande, the Mumbai-based online ticketing company raised over Rs.550 crore in its fourth round of funding in July led by US-based Stripes Group with existing investors Network 18, Accel Partners, and SAIF Partners participating. The funding valued the company at Rs.3,000 crore. BookMyShow is present in over 350 towns...

Infosys Co-founder Nandan Nilekani Invests in RailYatri.in

Nandan Nilekani, Infosys co-founder and former chairman of UIDAI invested an undisclosed investment in RailYatri.in. Founded by Kapil Raizada, Sachin Saxena, and Manish Rathi, Railyatri is a web and mobile app-based startup that provides real-time and analytics-based travel-related information to passengers. The startup claims to serve 2 million users a month. Helion Ventures, Omidyar Networks and Blume Ventures has also invested an undisclosed sum along with Nilekani. “What excites me about RailYatri is the fact that this is a new-age product made by Indians for Indians,” said Nilekani in a statement. “The RailYatri app, which intelligently harnesses the power of smartphones, data and mobile payments, has a huge opportunity of impacting the lives of millions of travellers.” “...

Big Blow For Paytm & Mobikwik- IRCTC Barred Usage of E-wallets between 8AM to 12PM

The railway ministry on Thursday announced new rules for booking of online tickets through the IRCTC website, which will be effective from February 15. It has barred usage of e-wallets and cash cards between 8 am and 12 noon, besides reducing the maximum number of ticket bookings allowed to an individual user to six in a month from the current 10. The ministry of railways’ decision could affect Paytm and Mobikwik’s plans to get train travellers to use their mobile wallets. Only last month Gurgaon-based One MobiKwik Systems Pvt Ltd, which runs Mobikwik, had said that it expects to facilitate railway ticket bookings worth Rs 1.75 crore in the next six months. Indian Railways had chosen Mobikwik as its primary wallet for IRCTC Connect Android App. Paytm, run by One97 Communications L...