Flipkart is in talks to acquire a stake in ticketing platform BookMyShow, reports Livemint. It is unclear whether the e-commerce major is looking to pick up a minority stake or more. According to the publication, Flipkart wants to invest fresh capital into BookMyShow as well as buy shares from some of its investors. It adds that BookMyShow may be valued at $500-700 million if this deal happens.
MediaNama has reached out to both BookMyShow and Flipkart for more information about the deal, while BookMyShow declined comment on this, we are waiting for Flipkart’s comment. We will update the post as soon as we hear more on this.
Flipkart’s vertical expansion
If this deal goes through, Flipkart will enter into mobile ticketing segment. The company is reportedly also looking at adding various services like cab booking, food ordering, vacation etc on its app by end of this year. Moreover, Flipkart, which has already raised close to $4 billion this year – $2.5 billion from SoftBank’s Vision Fund in August, and $1.4 billion from Microsoft, eBay and Tencent in April – has been investing in companies to expand its verticals and up its e-commerce game in the country. Since its launch in 2007, Flipkart has invested in about 20 companies so far.
-Last month, Flipkart acquired mobile and IT repair services company F1 Info Solutions to provides after-sales services for home appliances, mobiles and furniture.
-In June, Flipkart received approval from Competition Commission of India (CCI) for acquisition of eBay’s India business.
-In April 2016, it acquired payment company PhonePe, added onto the September 2015 acquisition of majority stake in FX Mart, which holds a prepaid payments instrument license from the Reserve Bank of India (RBI).
-In July last year Myntra- Flipkart acquired Jabong for $70 million in cash. Flipkart acquired Myntra in May 2014 in a combination of cash and stock deal. The deal was pegged to be in the range of $250 million to $330 million.
-In September 2015, Flipkart bought back its logistics business, eKart from WS Retail Services Pvt. Ltd.
-Flipkart has also acquired/ invested in NGpay, Weread, Mime360, Chapak.com, LetsBuy, Appiterate, among others.