India: Bookmyshow.com buys MastiTickets in all-cash deal

Photo: Livemint

Bigtree Entertainment Pvt. Ltd that runs ticket booking portal Bookmyshow.com Tuesday said it has bought Hyderabad-based ticketing portal MastiTickets in an all-cash deal.

The size of the deal was not disclosed.

Started in 2014, MastiTickets is an online ticket booking platform that covers over 120 cinemas in Andhra Pradesh and Telangana. Its eight-member team runs a website and a mobile app.

As part of the takeover, all existing cinema partnerships and key assets including the workforce will be transferred to Bookmyshow, which will ultimately replace MastiTickets.

“MastiTickets’ acquisition by Bookmyshow was truly the next logical step for us and we are excited about its prospects,” Ravi Narla, chief executive officer of MastiTickets, said in a statement.

This is the fourth acquisition by Mumbai-based Bigtree Entertainment. In 2013 it acquired Chennai-based Ticketgreen.com—a ticket booking website with over 100 cinema partnerships— securing foothold in Tamil Nadu.

This was followed by the purchase of majority stake in Eventifier, a social media analytics start-up, in 2015, and fan relationship management firm Fantain in early 2016. Both the deals gave Bookmyshow insights into consumer behaviour and preferences that helped it create more focused products on its platform.

“We have charted an aggressive growth plan to increase Bookmyshow’s reach and presence and the acquisition of MastiTickets fits perfectly into its expansion strategy,” said Ashish Hemrajani, founder and chief executive officer of Bigtree Entertainment.

The company, which posted a profit for the first time last fiscal, is now focused on expansion, both organic and in-organic. According to Hemrajani, while it has an eye open for acquisitions, Bookmyshow is keen to grow its native services including payments.

“We will continue to invest in user growth areas such as our payments system MyWallet, which has grown by leaps and bounds. We also continue to invest in growing viewers market in tier-II and tier-III cities,” said Hemrajani.

In 2015-16, the company’s revenue rose 85% to Rs236 crore and made a Rs3.2 crore net profit compared to a loss of Rs13. 5 crore a year before. The performance primarily came from higher movie ticket sales (average 7.8 million per month), a category that forms 60% of the total turnover, and ticketing for sports events like ICC T20 World Cup and Indian Premier League.

While the business is seasonal and depends on the performance of movies at the box office, Hemrajani said the company will maintain 50-70% topline growth in the coming years.

Founded in 1999 by Hemrajani, Parikshit Dar and Rajesh Balpande, Bookmyshow raised Rs550 crore in its fourth round of funding in July last year led by US-based Stripes Group with participation from existing investors Network18, Accel Partners, and SAIF Partners.

The funding valued the company at Rs3,000 crore.

Also read:

Exclusive: BookMyShow in talks to raise around $75m, round likely to close in next few weeks

India: BookMyShow raises over $82m from Stripes Group, others

This article was first published in Livemint.com

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.