Private equity firm KKR picks up minority stake in BookMyShow
The investment by KKR will enable BookMyShow to scale its live entertainment business division with the goal of bringing global artists to Indian audiences.
Global private equity giant KKR has picked up a minority stake in digital ticketing platform BookMyShow for an undisclosed value.
A statement from KKR said the investment will support BookMyShow's next phase of growth as it aims to scale its live entertainment business with the goal of bringing global artists to Indian audiences, and deepen its full-stack offering across India.
Founded in 2007, BookMyShow has raised over $225 million, and its last funding was in 2019 when it raised $100 million in a round led by TPG. The other investors in BookMyShow are Network18, Accel Partners, Elevation Capital and Stripes Group. The company has evolved from a ticketing platform for movies to live entertainment and experiences.
BookMyShow Founder & CEO Ashish Hemrajani said, “Their (KKR) global perspective, deep expertise and strong understanding of consumer businesses will be invaluable as we enter the next phase of our journey. The timing of this investment is particularly exciting, as we have significantly expanded our presence across the live entertainment landscape and are seeing the opportunity for India’s entertainment economy grow like never before.”
KKR offers alternative asset management as well as capital markets and insurance solutions. It has assets under management of over $750 billion. It said the investment in BookMyShow reflects its conviction in India’s entertainment sector and the platform's ability to drive its next phase of growth, powered by rising discretionary spending, a large and young consumer base, and growing demand for world-class live experiences.
Akshay Tanna, Partner and Head of India Private Equity at KKR, said, “BookMyShow has been a pioneer in delivering high-quality entertainment experiences in India. We are pleased to support BookMyShow as it continues to lead the next phase of growth in India’s out-of-home entertainment sector.
"We believe BookMyShow will play an important role in advancing India’s ambition to become a global entertainment hub and a premier destination for leading artists and acts from around the world.”