BookMyShow, online ticketing platform which lets the users book tickets for events like movies, plays and other sports events, has raises $81.4 Million (INR 550 Cr). The latest funding was the fourth round for BookMyShow, owned and operated by Bigtree Entertainment, and it values the company at around INR 3000, said the leaked reports and the individuals close to the development.
Led by United States based Stripes Group, the funding round also saw participation from Network 18, SAIF partners and Accel Partners. The raised funding will be used to invest more in big data analytics to build a platform around better intelligence as well as to expand into the international markets.
The company was founded in 1999 by Ashish Hemrajani, Rajesg Balpande and Parikshit Dhar. Started with booking the movie tickets, it has ventured into many sorts of event bookings including sports events, concerts, plays etc in major cities of the country. With a presence in over 350 cities of India, BookMyShow had added over 1000 screens last year and looking to further expand in the country. It claims to have sold over 100 million tickets last year and hopes to double the count in the present year.
Speaking on the development, Dan Marriott, Managing Partner of Stripes Group stated that with the investment, the firm is looking to get a better growth in the online transactions and ticketing business. He further added that the digital businesses in India have a bright future and the funding with the help of Stripes Group will help the company scale and reach to a better height.
Ashish Hemrajani, CoFounder BookMyShow stated that the funding raised looks sufficient to fuel the operations for next 3-4 years and in the meantime, the company is eying expansion in the international markets. He added that the company has already launched in Indonesia and Sri Lanka will be the next focus.
Speaking about the figures, he stated that over 55% of the total revenue comes from movie ticketing and 35% comes from other tickets such as sports events. Rest 10% of the revenue comes from advertising etc. The company is looking to double the revenue within this year and the infusion of funds will help it on a great scale.