Bigtree Entertainment which operates the online ticketing venture BookMyShow has raised Rs 150 crore from SAIF Partners and existing investors Accel Partners and Network18, in what appears to be a valuation defining fund-raising. Network18 mentions that this investment values BookMyShow at more than Rs 1,000 crore.
Prior to this this, BookMyShow had raised Rs 100 crore from Accel Partners in return for a minority stake in the company in August 2012. The company has raised a total investment of around Rs 300 crore, as per a Times of India report. The report also says that the investment is largely through primary shares with some amount of secondary share sale by founders.
The company plans to use this investment to expand to smaller cities outside Tier I cities, build on its infrastructure and expand its offerings. BookMyShow founder Ashish Hemrajani has told TOI that they are currently targeting the top 50 cities for expansion. This funding will also be used to improve its mobile offerings, which reportedly accounts for nearly 50% of transactions on BookMyShow.
BookMyShow mentions that it recently added 20 new cities and now has presence in over 200 cities. It is now looking to penetrate the single screen segment in each of those markets. The company claims to sell more than four million tickets per month and has apparently sold 100 million tickets until now.
Last month, the company had added a new International section to offer tickets for International live events. It had partnered with the Geneva-based online ticket marketplace Viagogo for this initiative. The company had also mentioned that non-movie ticketing now contributes to about 40%-45% of BookMyShow’s revenues, although in terms of transactions, non-movie ticketing accounts for only about 20% of the company’s total transactions.
In the same month, Reliance Industries had also acquired Network18 and had received board approval to invest up to Rs 4,000 crore for this acquisition and make open offers post the acquisition.
In July last year, BookMyShow had also signed a five-year strategic partnership with PVR Cinemas, targeting Rs 1000 crores of ticket sales over a five year period exclusively on the site. The company had also acquired the Chennai-based ticketing portal Ticketgreen for an undisclosed amount in March 2013, which provided them with access to over 100 regional cinemas in the southern part of the country.
For the year ended March 31, 2013 (FY13), BookMyShow had reported a profit of Rs 3.23 crore and total revenues of Rs 52.62 crore, up from Rs 1.45 crore profit and Rs 29.47 crore revenues in FY12.
– What The PVR-BookMyShow Movie Ticketing Deal Means For Customers, PVR & Theaters
– BookMyShow CEO Ashish Hemrajani On The PVR Deal, Mobile, Monopolies & more – Part 1
– BookMyShow CEO Ashish Hemrajani On Ticket Pricing, Refunds, Competition, Offline Ticketing & More – Part 2