Bigtree Entertainment Pvt. Ltd, which owns and operates BookMyShow, announced on Wednesday that it has executed definitive documents to raise $100 million in Series D funding led by TPG Growth - the middle market and growth equity investment platform of alternative asset firm TPG.
The round also saw participation from existing investors.
This fresh infusion of funds will fuel BookMyShow’s growth plans as it transforms into the ultimate ‘Entertainment Destination’ for its customers.
Ashish Hemrajani, Founder and CEO, BookMyShow said, “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. The strategic value that all our investors continue to provide us will also be of immense importance as we begin a new chapter of our standout story.”
For many years, TPG Growth has been actively engaged in the global media and entertainment landscape.
“Traditionally dominated by movies, India’s entertainment industry is rapidly changing and expanding, driven by factors such as rising income levels, growing consumer appetite, and higher internet usage,” said Akshay Tanna of TPG Growth. “In partnering with BookMyShow, we saw the opportunity to invest behind an innovative company that is set to benefit from these trends and become the leading organization across entertainment genres,” he added.
Avendus Capital was the exclusive financial advisor to BookMyShow and Shardul Amarchand Mangaldas & Co. were the legal advisors representing the company during this round.
Since its launch in 2007, BookMyShow has seen investments from TPG Growth, Stripes Group, SAIF Partners, Accel Partners and Network 18.
BookMyShow has expanded its operations to Sri Lanka and Indonesia and has invested in companies including Do-It-Yourself events registration and ticketing platform Townscript and Fantain, a fantasy sports platform for cricket and kabaddi.