Online entertainment ticketing brand BookMyShow has acquired online ticketing platform MastiTickets for an undisclosed amount in an all cash deal. As per the terms of the transaction, MastiTickets will now transfer its key assets along with existing cinema partnerships to BookMyShow.
With the acquisition, BookMyShow aims to tap into the regional markets, especially Andhra Pradesh and Telangana, according to an official statement. BookMyShow has already partnered with 4,000 screens across India.
Commenting on the development, Ashish Hemrajani, co-founder, BookMyShow said, “We have charted an aggressive growth plan to increase BookMyShow’s reach and presence and the acquisition of MastiTickets fit perfectly into its expansion strategy. Hyderabad, particularly, has been a high performing market for us and now with combined forces with MastiTickets, we are excited to offer a superior user experience.”
MastiTickets was founded in 2014 by Ravi Narla. The company allows its users to book movie tickets via its website, mobile app, and mobile site as well. It has already partnered with more than 120 cinemas in Andhra Pradesh and Telangana.
Ravi Narla, CEO and founder, MastiTickets said, “MastiTickets’ acquisition by BookMyShow was truly the next logical step for us and we are excited about its prospects. This definitely brings substantial value addition to our user base and cinema partners in the region who will now be able to immensely benefit from BookMyShow’s ultimate product and service capabilities.”
BookMyShow had earlier acquired Chennai-based online ticketing player TicketGreen in 2013, social media analytics startup Eventifier in 2015, and fan relationship management startup Fantain Sports in 2016. The current valuation of the portal is more than $440 Mn (INR 3,000 Cr).
In July 2016, BookMyShow raised about $80 Mn (INR 550 Cr) led by US-based growth fund Stripes Group with participation from existing investors, Network 18, Accel Partners, and SAIF Partners. In December 2016, it had also rolled out the newly designed and improved version v5.0.7 of its Android app in order to focus on easy discoverability, better engagement, and faster bookings.