Bigtree Entertainment, which owns and operates BookMyShow, announced on Wednesday it has raised $100 million in Series D funding led by TPG Growth. 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, said the company in a press release. The Series D funding was led by TPG Growth, while existing investors also participated. BookMyShow has raised about Rs. 830 crores ($121.07 million) from previous rounds of funding, news agency Reuters reported. Its existing investors are Stripes Group, Network 18, Accel Partners and SAIF Partners.
"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," said Ashish Hemrajani, founder and CEO, BookMyShow.
"Traditionally dominated by movies, India's entertainment industry is rapidly changing and expanding, driven by factors such as rising income levels, growing consumer appetite, and higher internet usage," said Akshay Tanna of TPG Growth. "In partnering with BookMyShow, we saw the opportunity to invest behind an innovative company that is set to benefit from these trends and become the leading organization across entertainment genres."
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 is an online entertainment ticketing platform that allows users to book tickets for movies, plays, sports and live events through its website, mobile app and mobile site. BookMyShow was founded in Mumbai in 1999 and re-launched in 2007.