Bigtree Entertainment-run BookMyShow has signed definitive agreements to raise $100 million in a Series D round funding led by TPG Growth.
TPG Growth is the middle market and growth equity investment platform of alternative asset firm TPG. Other investors that took part in the recent funding include Network 18 and US-based Stripes Group. The latest fund-raising takes the overall fund infusion to over $200 million.
Although Bigtree Entertainment did not provide details of the infusion by different investors, a source told FE that after TPG Growth, Network 18 was the second major investor followed by Stripes Group in the latest round.
“This time there were three investors that took part in the funding round that included TPG Growth, Network 18 and Stripes Group. BookMyShow is focussing on the live entertainment space and a good part of the funds raised should be utilised by the company towards that,” the source said.
Ashish Hemrajani, CEO and co-founder, BookMyShow, said the funds will be utilised towards rolling out exclusive entertainment experiences on BookMyShow.
Karan Sharma, executive director and co-head, Digital & Technology Investment Banking at Avendus Capital, said there was strong interest from global investors for the transaction.
“A good number of the investors that the company was talking to had shown significant interest in the round,” Sharma said.
Prior to this, Bigtree Entertainment had raised Rs 550 crore in July 2016 from investors led by Stripes Group and other existing investors like Network 18, Accel Partners, and SAIF Partners.
Media reports indicate that as per the company’s previous fund raising round, its valuation stood at Rs 3,000 crore. The business was founded in 1999 and was relaunched in 2007 and now has a presence in more than 650 towns and cities.
Its website indicates that it sells over 15 million tickets a month. It has expanded its operations to Sri Lanka and Indonesia and has invested in companies including Do-It-Yourself events registration and ticketing platform Townscript and Fantain, a fantasy sports platform for cricket and kabaddi.
