BOOKMYSHOW PARENT RAISES $100 MN FROM TPG, OTHERS

MUMBAI: Bigtree Entertainment Pvt. Ltd, which owns and operates Bookmyshow, an online entertainment ticketing platform, has raised $100 million in Series D funding from investors led by TPG Growth.

TPG Growth is the mid-market and growth equity investment platform of Us-based private equity firm TPG. The latest round of funding also saw participation from existing investors, the company said in a statement on Wednesday. Bookmyshow plans to fuel its expansion plans with the latest fund raising, it said.

Founded by Ashish Hemrajani, Parikshit Dar and Rajesh Balpande, Bookmyshow last raised ₹550 crore in July 2016 from Stripes Group, Accel Partners, SAIF Partners and Network18 at a valuation of more than ₹3,000 crore.

Hemrajani, Bookmyshow’s founder and chief executive, said TPG Growth would “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,” he said.

While the core business of Bookmyshow remains movie tickets, the company has, in recent years, begun diversifying into categories such as sporting events, music events and plays. Last year, it acquired Burrp, a local restaurant recommendation engine, from Network18.