Online ticket booking portal BookMyShow has acquired restaurant search and discovery platform Burrp in an all-cash deal from its parent company Network 18, as a slump sale, for Rs 6.7 lakhs. Burrp’s revenue during FY17 was Rs 56.67 lakhs, accounting for 0.69% of Network18’s turnover, and it had a negative net worth of Rs 28.89 crores.
The development comes more than 2 months after Network18’ board gave an in-principle nod to sell, transfer or “dispose off” Burrrp to any other company or entity.
As per the company’s statement, BookMyShow acquired Burrp via Foodfesta Wellcare Private Ltd, the parent company which owns and operates BookMyShow. Foodfesta is a subsidiary of BigTree Entertainment, and Bigtree is an associate of Network18. All assets and employees belonging to Burrp will now be merged with BookMyShow. BookMyShow told MediaNama that Burrp would continue to exist as an independent brand.
Burrp was launched in August 2006, by Deap Ubhi and Anand Jain. The company competed with other restaurant discovery portals like Yelp and Zomato. Burrp was first sold to Infomedia18 for Rs 4.25 crore in 2009, after which Ubhi and Jain left the company to open their own ventures. The company then had some top-level management changes from 2010 to 2014. After Network18’s sale to Reliance Industries in 2014, Burrp was re-launched with a new management led by RIL in October 2015.
Currently, Burrp is headed by Pradeep Prabhu and Abhishek Chhajlani and has operations in 12 cities. In August 2016, Burrp had a tie up with Times Internet’s Dine Out for allowing users to reserve tables via website and app.
Previous BookMyShow acquisitions
- February 2017: BookMyShow picked up a majority stake in Townscript, a Pune-based DIY (Do-it-Yourself) event registration and ticketing platform.
- In 2016: In the previous year, the company had acquired a ticket booking portal MastiTickets and Chennai-based Fantain Sports, a fan management and analytics startup. In October the same year , it expanded operations to Indonesia and Sri Lanka.
BookMyShow, last year, raised Rs 550 crore from US-based private equity firm Stripes Group. More on that here.
– Revenues of Rs 78 crore for the quarter ended June 30 (Q1 FY17), selling 30 million tickets in the quarter.
– Revenues of Rs 235.94 crores in FY16, with a profit of Rs 3.17 crore. Network18, at the end of the last financial year, owned 39.35% of BookMyShow (source, Network18 Annual report, page 183). An average of 7.8 million tickets was sold per month last year.