Ecommerce company Flipkart is reportedly looking to forge a strategic partnership with online ticketing platform, BookMyShow. The move, according to sources, is aimed at developing an integrated services vertical by bolstering Flipkart’s entertainment and payment offerings against rivals Amazon and Paytm.
If the deal goes through, the ecommerce giant could likely acquire minority stake in BookMyShow, sources close to the development revealed. Post the deal, BookMyShow’s valuation is expected to reach $500 Mn-$700 Mn.
At present, the largest shareholder in Bigtree Entertainment-owned BookMyShow is Reliance Industries-run Network18, which has a 39% stake in the ticketing platform.
Email queries sent to Flipkart and BookMyShow, however, did not elicit any response till the time of publication.
BookMyShow: An Overview Of Its Journey From 2007 To Present
BookMyShow was founded in Mumbai in 1999 and launched in 2007. According to an official statement, BookMyShow is now present in over 650 towns and cities across India. In one of the largest fundraises of 2016, BookMyShow raked in $80 Mn from US-based Stripes Group with participation from existing investors such as Network18, Accel Partners, and SAIF Partners.
The company then rolled out a brand-new version of its Android app v5.0.7, simplified the interface and caters to users in regional languages such as Tamil, Telugu, Hindi, and Kannada besides the default English language option.