BookMyShow in talks to raise funds from TPG Growth: Report

Mumbai-based online ticketing platform BookMyShow is reportedly in advanced talks with private equity firm TPG Growth to raise $50- 60 million (about Rs 320-380 crore), a report in financial daily Mint stated, citing two people in the know.

TPG will pick 10% stake in the firm and the deal is expected to value BookMyShow at about $750 million, the two people mentioned above, who did not wish to be identified, told Mint.

An email sent by VCCircle to BookMyShow, seeking comment did not elicit a response at the time of publishing this report.

Owned and operated by Bigtree Entertainment Pvt. Ltd, BookMyShow was launched in 2007 and today, is present across 650 towns and cities in India. The company offers tickets for movies, plays, sports and live events on its website and mobile app.

In October last year, Mint had reported that e-commerce major Flipkart was in talks to acquire a large minority stake in BookMyShow.

BookMyShow has been strengthening its presence through acquisitions in a space where Alibaba-backed Paytm is making ambitious bets.

In August 2017, it bought video-on-demand platform Nfusion for an undisclosed amount in an all-cash deal. The acquisition helped BookMyShow foray into audio entertainment.

In July 2017, the company had acquired Network18-owned restaurant-discovery platform Burrp.

BookMyShow also bought a 75% stake in Pune-based do-it-yourself event registration and ticketing platform Townscript for an undisclosed amount in February last year.

In January 2017, BookMyShow had acquired Hyderabad-based ticket-booking platform MastiTickets for an undisclosed amount.

BookMyShow’s prior acquisition include social media analytics startup Eventifier, fan-relationship management solutions provider Fantain Sports, and online ticketing firm TicketGreen.

According to VCCEdge, the data and analytics platform of News Corp VCCircle, BookMyShow reported total income of Rs 249 crore and profit after tax of Rs 2.5 crore for financial year 2015-16. Reliance Industries-controlled Network18 holds a sizeable stake in BookMyShow.

Alternative asset firm TPG had merged its growth and buyout business units in India in 2016. TPG Growth looks after growth-equity investments while the buyout team chases control deal and larger private equity transactions.

TPG Growth, which has assets under management of over $8.3 billion, recently invested in budget sports shoe brand Campus, mother-and child-care hospitals chain Motherhood and oncology services provider Cancer Treatment Services International.