Bigtree Entertainment Pvt. Ltd., which owns and operates BookMyShow, has raised $100 million in Series D funding led by TPG Growth, the middle market and growth equity investment platform of alternative asset firm TPG. The round also saw participation from existing investors. This fresh infusion of funds will fuel BookMyShow’s growth plans as it transforms into the ultimate ‘Entertainment Destination’ for its customers.
Ashish Hemrajani, Founder and CEO, BookMyShow said, “BookMyShow is excited to welcome TPG Growth as our newest partner. They bring with them extensive experience across the global media and entertainment sector, which will be instrumental as we look to accelerate our growth plans in this space. The strategic value that all our investors continue to provide us will also be of immense importance as we begin a new chapter of our standout story.”
Bill McGlashan, TPG Growth Founder and Managing Partner and Co-Founder and CEO of The Rise Fund, said, “BookMyShow has a tremendous chance to transform how Indian consumers discover and experience entertainment, and we’re looking forward to working with Ashish and the team to capitalize on this opportunity.”
Avendus Capital was the exclusive financial advisor to BookMyShow and Shardul Amarchand Mangaldas & Co. were the legal advisors representing the company during this round.
BookMyShow's funding announcement comes soon after the company announced its plans to take its non-movie business international. It is aiming to scale its non-movie business over the next two years and will be venturing into segments such as international sports, live entertainment, and experiences across countries.
BookMyShow is claiming to sell about 12 million tickets per month with an active user base of over 30 million customers, while its competitor Paytm claimed to have sold 52 million tickets last year and now aims to sell over 100 million tickets by the end of this year.