While the financial details of the acquisition were not disclosed, the company said that this acquisition will provide them with access to over 100 regional cinemas in the southern part of the country and strengthen its footprint in that geography. It also added that all the Ticketgreen employees will be joining BookMyShow following this acquisition.
Founded in 2007, Ticketgreen currently offers ticket booking for theatres across 24 cities in Tamil Nadu, three cities in Karnataka, Pondicherry, Mumbai, Ahmedabad, Kolkata and Trivandrum and claims to sell around 1 lakh ticket sales every month. It also offers entertainment ticketing in Chennai which includes ticketing for music related events, drama, sports and parties. However, at the time of writing this article, the company offered listings only for drama related events.
On the other hand, BookMyShow offers ticketing for movies, events, theatre, music concerts and sports among others. It claims to offer tickets for over 350 cinemas across 150 cities in India and manage more than 1000 events every year as exclusive ticketing partners.
The company claims to have more than 5 million registered users and sells an average of one million tickets per month, as of December 2012. It had reported revenues of Rs 29.47 crore for the year ended 31st March 2012 (FY12), up 83% from Rs 16.09 crore in FY11. It had also reported a profit of Rs 1.45 crore for the year ended March 31, 2012.
In August 2012, BookMyShow had raised Rs 100 crore from Accel Partners, in return for a minority stake in the company. The company had said that it will be using the funds raised to expand into tier-II and III cities and to increase its non-movie ticketing business. As part of this investment, Network18 had diluted its stake by 20% for Rs 45 crore and currently holds 40% stake in the company.