KKR Eyes Big India Bet: In Talks To Invest Up To $300 Mn In BookMyShow

Global private equity major KKR is reportedly in advanced talks to invest between $250-300 Mn in online ticketing platform BookMyShow for a minority stake at a valuation of INR 7,500 Cr.

In what marks a significant milestone for Bigtree Entertainment Pvt. Ltd., the parent entity of BookMyShow (BMS), the ongoing discussions with KKR represent the largest fundraising round yet, ET reported.

Reliance’s subsidiary, Network18, is the primary shareholder in Bigtree Entertainment Pvt. Ltd., with a significant 37% stake. Other notable stakeholders include Accel, Elevation Capital, Stripes Group, and TPG Growth.

Around 23% of the ownership is held by the founders, led by CEO Ashish Hemrajani, along with Parikshit Dar and Rajesh Balpande, in addition to the management team.

Founded in 1999 by Ashish Hemrajani, Parikshit Dhar and Rajesh Balpande, BookMyShow’s online ticketing platform for events, movies, sports and plays was launched in 2007. The company, which competes with the likes of Paytm Insider, counts Accel Partners and TPG Growth among its investors.

During the pandemic when movies and offline live events came to a standstill, BookMyShow saw a huge impact on its business. However, with the resuming of all events, the platform has seen a positive turnaround quickly.

BookMyShow turned profitable and posted a consolidated net profit of INR 85.1 Cr in the financial year 2022-23 as income from live events saw a massive jump, leading to over a three-fold rise in its total sales revenue.

Marking a complete recovery from the adverse impact of the Covid-19 pandemic, BookMyShow’s sales revenue neared the INR 1,000 Cr mark and stood at INR 975 Cr in FY23.

BookMyShow’s revival has attracted major private equity firms such as Carlyle, CVC Capital and Alpha Wave. These bulge-bracket PE firms are actively exploring potential investments in the company.

In 2018, BookMyShow raised $100 Mn in Series D funding round led by TPG Growth, the middle market, and growth equity investment platform of alternative asset firm TPG, at a pre-money valuation of $750 Mn.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.