BookMyShow has raised Rs. 550 crore in its fourth and single largest round of financing, led by the U.S. based Stripes Group, said media reports.
The financing comes at a time when the online ticketing company has ventured overseas markets like Indonesia and looks for a Sri Lanka launch in second half of 2016, reported the Mint.
The fund proceeds will be utilised to create a new and exclusive entertainment experience. It will also fuel the company's international expansion, alongside investing in big data analytics and also educating the consumers, said the daily.
Forbes noted that the ticketing firm has also drawn up a new vision to become India's preferred entertainment destination. It added that all other existing investors including Accel Partners, Network 18 and SAIF Partners continued participation in this round too.
Mumbai-based BigTree Entertainment, which owns BookMyShow, said in a statement that the new round of financing increased the company's valuation to Rs. 3000 crore.
Dan Marriott, managing partner at Stripes Group told the magazine that the movie and live event ticketing company is already a leader in its space and is well placed to tap into India's digital advertising and entertainment market. He added: "With a ubiquitous and trusted brand and history of capital efficient growth, BookMyShow is truly a standout story."
The business daily said the online movie ticketing company is also looking to further its acquisition spree of firms in the big data analytics and social media space.
With presence in 350 towns and cities the company sold 100 million tickets last year. In terms of volume of sales 85 percent of the share is from movie ticketing but sports and events contribute 35 percent of its revenues. Ad revenues contribute to 10 percent of the business currently, noted Mint.
The 17-year old company founded by Ashish Hemrajani, Parikshit Dar and Rajesh Balpande, said on an average user spends Rs. 500 to Rs. 550 a month on their platform.
