TPG Growth leads $100m Series D funding round in India’s BookMyShow

Ashish Hemrajani, Founder and CEO, BookMyShow

By Pramugdha Mamgain

July 18, 2018

Bigtree Entertainment Pvt. Ltd., which owns and operates online entertainment ticketing platform BookMyShow, on Wednesday announced that it has 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, the company said in a statement. This fresh infusion of funds will fuel BookMyShow’s growth plans as it transforms into the ultimate ‘entertainment destination’ for its customers, it added.

Mint in January had reported about the ongoing talks between the two companies.

Mumbai-based BookMyShow last 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.

Ashish Hemrajani, Founder and CEO, BookMyShow said, “They (TPG Growth) 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.”

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

“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.”

With approximately $13.2 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. It has been actively engaged in the global media and entertainment landscape. Across funds, TPG’s portfolio in the sector includes Cirque du Soleil, Creative Artists Agency (CAA), Moretickets, Spotify, STX Entertainment, and Vice Media.

Avendus Capital was the exclusive financial advisor to BookMyShow and Shardul Amarchand Mangaldas & Co. were the legal advisors representing the company during this round.

 

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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.
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