Bigtree Entertainment Pvt Ltd an Online movie ticketing company which owns and operated BookMyShow website has raised more than Rs 550 crore in its 4th round of funding from US based Stripes Group, its existing investors Accel Partners, SAIF Partners and Network 18 also participated in the round.
It was founded by Ashish Hemrajani, Rajesh Balpande and Parikshit Dar in 1999. It is India’s largest online entertainment ticketing plaform allowing users to book tickets for plays, movies, live events and sports. It will use the funds to invest in big data analytics & international expansion, entertainment experiences and to educate consumers.
Ashish Hemrajani, CEO & co-founder, BookMyShow said
“We added 1,000 single screens last year and will look at more this year. Growth in tier two towns is dependent on a lot of factors, data connectivity and purchase intent being some of them. We are looking to double our revenues. Advertisement revenues will be growing and currently contribute around 10%. We will continue to invest in enhancing user experience through our data analytics engine, and building contextual entertainment content including videos, reviews, discovery.”
The company has started their services in Indonesia and by this year it is planning to start in Sri Lanka. In 2015 it launched their wallet service, it is used by 15-20% users. It offers cash on delivery also for the tickets booked in advanced. On an average a user spends Rs 500- 550 a month.
BookMyShow provide its services in more than 350 towns and cities and is further planning to expand its user base in Tier 2 cities and towns. Last year it sold around 100 million tickets and is planning to double it in present year.
Currently BookMyShow receives 60% revenue from movie tickets, and rest 40% comes from live shows, plays and sports.
Dan Marriott, managing partner of Stripes Group said
“We look forward to sharing our operating and investing experience with online transactional and ticketing businesses, as well as digital media, to help the company continue to scale.”