BookMyShow raises Rs 550 crore in one of the biggest funding rounds for internet startups this year
Digbijay Mishra | TNN | Jul 5, 2016, 02.54 PM IST
BENGALURU: Movies and events ticketing platform BookMyShow has raised Rs 550 crore in a funding round led by US-based Stripes Group. Existing investors Accel Partners, SAIF Partners and Network 18 also participated in this round, one of the biggest funding rounds for internet startups this year. The company said it has been valued at Rs 3,000 crore.
The company plans to allocate the fresh capital to strengthen existing verticals and improve the user experience on its platform using data analytics and generating their own content.
“We have been working on our own content for the last one year. We have got videos, information about movies and events, which has shown positive traction. We continue to be the largest player,” Ashish Hemrajani, CEO & co-founder, BookMyShow told TOI.
The company’s biggest revenue stream is movie ticketing, which generates about 50-55% of the sales. Categories such as sporting and other events contribute 35%, and advertising, the rest.
“Advertising is currently 10% of the revenue pie but we are looking to get more out of it as the medium is a natural choice for advertising,” Hemrajani added.
Stripes Group managing partner Dan Marriott, said the company is looking forward to sharing its operating and investing experience with online transactional and ticketing businesses, as well as digital media, to help BookMyShow scale further. “Already the clear leader in movie and live event ticketing, BookMyShow is uniquely positioned to tap into India’s digital advertising and entertainment markets, which are among the fastest growing globally,” he said.
The company had last raised capital worth Rs 150 crore in 2014, a round led by SAIF Partners. Prior to the latest round of funding, the company had raised a total capital of about Rs 300 crore.
“This new funding will help them in enhancing experiences with original and contextual entertainment content,” said Prashanth Prakash, Partner, Accel Partners.
BookMyShow, run by Bigtree Entertainment, doubled its ticket sales to 100 million last year, compared to the year before. “We are confident of continuing the same pace of growth this year as well,” Hemrajani added.