BookMyShow, the name which over the years has become synonymous with entertainment in India, made a major announcement today. After months of speculations in the industry, the famous movies and events ticketing platform has finally successfully raised a whopping Rs 550 crore (or $81 million) in a funding round which was spearheaded by United States-based PE and VC company Stripes Group.
Being hailed as the one of the biggest funding rounds for internet startups that the year has seen till date, the funding round also saw BookMyShow’s existing investors Network 18, Accel Partners and SAIF Partners taking part in the process.
According to BookMyShow, its current valuation now stands at a strong Rs 3,000 crore (USD 444 Million).
Company insiders believe that funds acquired will, in all probability, be allocated to strengthening of the company’s existing verticals and also bettering the users experience of the BookMyShow platform by making use of data analytics and producing their own content.
Apparently, the company has been meticulously working on generating its own content for quite sometime now. The company has got its own videos, information about movies and events out to the world and it has shown positive traction.
Movie ticketing accounts to 50-55 percent of BookMyShow’s sales, while other categories such as sporting and other events makes up another 35 percent, and the rest is contributed by advertising.
It’s interesting to note that this latest round of funding raised by Bigtree Entertainment-owned ‘BookMyShow’ is approximately twice the total amount of fundings the platform has raised since getting into the business. Prior to this, the movies and ticketing platform had raised an amount of Rs. 150 crore from Network18 Media, SAIF Partners and Accel Partners. As of date, the total capital invested in the company now adds up to a whopping figure of Rs. 800 crore(or $124 million).
Both Stripes Group and BookMyShow are looking forward to the association with optimism and are hopeful that each of the organisation will play an important part in each others growth. Whether that comes true or not, is something we will have to wait and see for ourselves.
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