MUMBAI: Bigtree Entertainment Pvt. Ltd, which owns and operates online entertainment ticketing platform BookMyShow, has raised $100 million (Rs 6.86 billion) in Series D funding from investors led by global alternative asset firm TPG’s middle market and growth equity investment platform TPG Growth.
With approximately $13.2 billion worth assets under management, TPG Growth was joined by existing investors including Stripes Group, SAIF Partners, Accel Partners in the fund-raise.
Specific details related to the fund infusion including stake divestment to TPG Growth were not disclosed.
Bill McGlashan, TPG Growth founder and managing partner, commmented: “BookMyShow has a tremendous chance to transform how Indian consumers discover and experience entertainment, and we are looking forward to working with the team to capitalise on this opportunity.”
Across funds, TPG’s portfolio in the sector includes Cirque du Soleil, Creative Artists Agency (CAA), Moretickets, Spotify, STX Entertainment and Vice Media.
This fresh infusion of funds, according to BookMyShow, will be used to fuel its growth plans as the company transforms into an ultimate ‘entertainment destination’ for its customers.
Founded by Ashish Hemrajani, Parikshit Dar and Rajesh Balpande, BookMyShow last raised Rs5.5 billion in July 2016 from Stripes Group, Accel Partners, SAIF Partners and Network18 at a valuation of more than Rs 30 billion, Livemint reports.
Hemrajani, chief executive officer, BookMyShow, stated: “TPG Growth brings 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.”
TPG Growth’s Akshay Tanna noted: “In partnering with BookMyShow, we saw the opportunity to invest behind an innovative company that is set to benefit from these trends and become the leading organisation across entertainment genres,” he said in a statement.
BookMyShow has invested significantly to provide unique user experience be it on ground at an event or online. Positioned as a category leader, it has expanded operations to Sri Lanka and Indonesia and has invested in companies including Do-It-Yourself events registration and ticketing platform Townscript and Fantain, a fantasy sports platform for Cricket and Kabaddi. It also has a charity initiative BookASmile that provides entertainment experiences to the underprivileged.
Avendus Capital was the financial adviser to BookMyShow and Shardul Amarchand Mangaldas & Co. the legal adviser during this round.
