Popular online ticketing platform Bookmyshow has announced that it has raised $100 million in Series D round. The fundraising round was led by TPG Growth, which is an investment arm of US based investment giant TPG. Several existing investors also participated in the round, according to Avendus Capital, which advised BookMyShow on the transaction.
“BookMyShow is excited to welcome TPG Growth as our newest partner. They bring with them extensive experience across the global media and entertainment sector, which will be instrumental as we look to accelerate our growth plans in this space,” said Ashish Hemrajani, Founder and CEO, BookMyShow.
BookMyShow may use fresh funds to acquire promising companies in online ticketing space as it looks to undo increasing competition from Paytm. Digital payment company Paytm over the last few quarters has made a quite a dent in the online ticketing market, resultantly closing the gap with incumbent market leader BookMyShow.
Paytm claims that its online ticketing volume grew by whopping 500% since May 2016. Buoyed by these impressive market tractions, it acquired ticketing platform Insider.in last year for almost 35 crore. It also recently acquired Chennai based movie ticketing platform TicketNew.
Although BookMyShow may have ceded some market share to Paytm, but company’s rise from its humble beginnings in initial years to steadily emerge as a market leader is certainly praiseworthy. From covering only few cities in 2007, today the online ticketing platform covers almost 650 towns and cities in India. It offers online tickets for movies, plays, sports and other recreational events.