General Atlantic, Temasek eye $100m stake in India’s BookMyShow

Ashish Hemrajani, Founder and CEO, BookMyShow

Private equity firm General Atlantic, Singapore’s state-owned investment firm Temasek Holdings, and investment banker Goldman Sachs are in the fray to acquire 10-12 per cent stake for over $100 million in Indian online entertainment ticketing platform BookMyShow, The Times of India reported.

The talks are at an advanced stage and may close in a few weeks. The deal, if fructifies, will spike BookMyShow’s valuation to over $1 billion, the report said.

SAIF Partners may completely exit its 5.6 per cent stake in the company with new investors coming in, while Accel India may look at a partial divestment.

BookMyShow has given the mandate to Avendus Capital to find the buyer.

Operated by Bigtree Entertainment Pvt. Ltd., BookMyShow has raised a total of $224.5 million across five funding rounds, Crunchbase data showed. The platform last raised $100 million in a Series D funding round 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.

Prior to that, it raised Rs 550 crore in July 2016 from Stripes Group, Accel Partners, SAIF Partners and Network18 at a valuation of more than Rs3,000 crore.

Since its launch in 2007, BookMyShow 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. It made an undisclosed investment in AtomX, a Pune-based payments technology company, this April.

In August 2017, the company had acquired video-on-demand platform Nfusion for an undisclosed amount.

Bigtree Entertainment Pvt. Ltd posted a 20 per cent jump in revenues at Rs 400.7 crore for the year ending March 2018 as against Rs 332. crore in the previous fiscal. It also incurred a net loss of Rs 140.2 crore during 2017-18 against Rs128 crore in 2016-17.