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Mumbai-based Bigtree Entertainment, which runs online ticketing platform BookMyShow, has raised about $80 Mn (INR 550 Cr) led by US-based growth fund Stripes Group.
This round also saw participation from existing investors, Network 18, Accel Partners, and SAIF Partners. The current valuation of the portal is more than INR 3,000 Cr.
BookMyShow was founded in Mumbai (India) in 2007 by Ashish Hemrajani, Parikshit Dar and Rajesh Balpande. It is present in over 350 towns and cities across India, and currently meeting the entertainment demands of over 14 Mn customers. It assists the users with information and ticketing for movies, plays, sports events and various other events.
Stripes Group Managing Partner, Dan Marriott said, “We look forward to sharing our operating and investing experience with online transactional and ticketing businesses, as well as digital media, to help the Company continue to scale.”
Based in New York City, Stripes Group is a leading growth equity firm that invests in Internet, Digital Media, Software, and Branded Consumer Products businesses around the world. For over a decade, Stripes Group has been partnering with market-leading companies with proven business models that are generating exceptional growth.
The newly raised funds will be utilised towards rolling out exclusive entertainment experiences on BookMyShow, enhancing the overall offering for users.
The latest round of funding raised is more than the total capital BookMyShow has raised over the last six years. In 2014, BookMyShow raised INR 150 Cr in a new funding round led by SAIF Partners. Its existing investors Accel Partners, Network 18 and Reliance Industries also participated in the round. Previously, BookMyShow had raised INR 100 Cr from Accel Partners in 2012.
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