Accel Partners Invests INR 100 crore in BookMyShow.com
Bigtree Entertainment Private Limited, the holding company of India’s largest entertainment ticketing website BookMyShow.com, today announced an investment by Accel Partners, one of the leading global investors in Internet businesses. As a part of this transaction, Accel will invest INR 100 crore through a primary infusion of capital and secondary sale of shares from existing investors.
BookMyShow.com is an online ticketing platform where consumers can search and book tickets for movies, plays, concerts, entertainment performances and sporting events. BookMyShow website draws more than 7 million visitors who book over 2 million tickets a month. On signing the deal, Ashish Hemrajani, Founder & CEO of BookMyShow.com said, “The funding from Accel comes at an interesting inflection point in our journey and is a strong vindication of our efforts to create India’s largest online entertainment ticketing platform. We look forward to leveraging Accel’s global Internet experience and Network18’s continued support to expand our footprint and help take our customer experience to the next level.”
Accel Partners has been one of the earliest global investors in Internet businesses with successful investments in companies like Facebook, Groupon, Rovio (Angry Birds), etc. The firm has continued its track record in India by partnering early on with some of the leading Internet businesses including Flipkart and Myntra.
Prashanth Prakash, Partner of Accel India said, “BookMyShow.com caught our attention because it has become synonymous with online entertainment and ticketing. We are constantly striving to invest in businesses that assume a leadership position by driving the definition and growth of their respective categories. We are very excited to add one of India’s pre-eminent Internet brands to our portfolio of investments in India.”
Sameer Gandhi, Partner of Accel US further commented, “The Internet is playing a crucial role in bringing goods and services to the masses in India and will produce the next generation of Indian consumer franchises. BookMyShow .com has demonstrated exemplary execution in creating a large online community, and in our view, has the potential to become the pre-eminent entertainment destination for India. We look forward to playing our part in helping the company realize that vision.”
Network18, one of India’s leading media groups, has built an enviable investment portfolio of digital businesses. It partnered with the three founders of BookMyShow.com at the inception of the platform and has helped it establish its current leadership position.
Commenting on the transaction, Mr. Sarbvir Singh, Head Investments of Network18 said, “In partnership, with the BookMyShow.com team, we have created a premier asset in the digital commerce space and built value for all stakeholders. We believe that Accel’s global Internet experience combined with the passion of the
BookMyShow team will help the company take customer experience to the next level while continuing to build on its market leadership. The transaction has allowed us at Network18 to profitably monetize a part of our investment while allowing us to maintain a large position in the company to participate in the next phase of BookMyShow journey.”
Avendus Capital was the sole financial advisor to the transaction.