BookMyShow in advance talks to raise over Rs 300 crore from TPG Growth

Online ticketing platform BookMyShow is in advanced discussions with private equity firm TPG Growth to raise around $50-60 million (Rs 320-380 crore) funds.

“BookMyShow has been in the market for some months to raise a new round of funding. The talks with TPG are at an advanced stage. TPG is looking to pick up a minority stake of under 10%,” Mint quoted a person aware of the development as saying in its report.

Founded in 2007, San Francisco-based TPG Growth specialises in growth equity and middle-market buyout opportunities. In India, TGP Growth has invested in Rhea Healthcare, Sutures India, Lenskart and Cancer Treatment Services International. In 2017, it invested $50 million in Dodla Dairy.

BookMyShow is likely to be valued at around $750 million. A second person aware of the development said in the report that the funding will help BookMyShow strengthen its leadership position. The competition has intensified after the entry of Paytm in the movie ticketing space.

If the deal goes through, this will be the fifth round of fund-raising for ticketing platform.

In 2007, Reliance Industries-owned Network18 invested in the company’s maiden round and currently holds a 39 percent of stake. Later in 2012, Accel Partners put in $18 million in the company. In 2014, BookMyShow raised $25 million in a round led by SAIF Partners that also saw participation from existing investors Accel and Network 18. In July 2016, it raised Rs 550 crore from Stripes Group, Accel Partners, SAIF Partners and Network18 at a valuation of more than Rs 3,000 crore.

However, BookMyShow has not responded to the Entrackr's query on the fund talks.

Earlier last year, there were reports of Indian e-commerce major Flipkart mulling to invest in ticket booking platform for a strategic partnership to build out its services and transaction offer. However, the proposed deal did not go through.

Founded in 1999, BookMyShow is a leader in ticketing category. The company started with selling tickets has now diversified its business to add categories such as sporting events, music events and plays.

In October last year, BookMyShow tied up with Amazon to allow transactions on its platform using Seattle-based company’s payment arm Amazon Pay. Flipkart was also in talks with movie and event ticket booking platform.

After acquiring food recommendation app Burrp in July, BookMyShow took over on-demand audio and video platform Nfusion for an undisclosed amount in an all-cash-deal. In November, BookMyShow partnered with PVR Pictures for ’Vkaao’, a web-platform that allows individuals to choose films they want to watch at their local PVR cinemas.

The company boasts of its presence in over 650 cities in India. It claims to have 10 million tickets booked every month on its platform.

It also has the overseas presence in countries such as Sri Lanka, Indonesia, New Zealand and the United Arab Emirates (UAE).