BookMyShow has today announced that it has raised a whooping ₹550 crore in its latest funding round. This is the biggest funding round for any startup this year so far.
The round was led by US-based Stripes Group. It saw participation from company’s existing investors Network 18, Accel Partners and SAIF Partners. Post this round, the company’s valuation stands at ₹3,000 crore.
Over recent years, BookMyShow has been almost synonym for online ticket booking of entertainment shows. Apparently, the company has also been working on generating its own content.
The money raised in this round will be used to strengthen company’s existing verticals. It also plans to improve user experience by making use of data analytics.
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.
The funds will be utilized over the next 3-4 years. It recently launched its services in Indonesia and is looking to launch it in Sri Lanka this year. It will also look at acquisitions in the big data analytics and social media space.
As per the figures revealed by the company, it sold over 100 million tickets last year. This year, it is looking to double the figure.
Movie ticketing accounts for about 50-55 percent of company’s sales. Other categories such as sports and other events makes up another 35 percent. Rest of the revenue is generated through advertising.
In order to improve user engagement, the company has introduced several new features. It offered features like browsing movie trailers, special reservation, cash on delivery, user ratings, reviews, etc. It has also generated 500 pieces of original content.
This funding will also help BookMyShow to foray deeper into video content. It will create videos on trailering, news and features on film industry, wrap ups and reviews of films, top events and films for the week.
Commenting about opting Stripes as an investor, Ashish says:
This makes the choice of investor important, at each stage all the investors have brought in unique knowledge base and factors to the table. In the case of Stripes, they bring in a solid background in digital media and advertising, and as we build a platform to create stickiness outside movie ticketing, advertising becomes an important part of our growth story. Advertising is going to be an important aspect of our profit and loss balance sheet. Stripes comes with that experience and are very excited about the space.