09 Jun. 16, MUMBAI: Parent company of BookMyShow, Bigtree Entertainment Pvt. Ltd. is in talks with US-Based Stripes Group to raise around $75 million (Rs. 500 crore approx.).
As per reports by mint, this will be the largest round of raising funds according to two people who were aware about the matter and one of these two ready to speak on the condition of anonymity as they were not authorised to speak to the media.
“It (BMS) has been on the road to raise funds for the last three-four months. The talks are currently at an advanced stage. Stripes Group is looking to invest anywhere between $40 million and $50 million,” he added.
BookMyShow declined comment for the matter. Stripes Group and other existing investors so far did not respond to mails seeking their comments.
At present, investors for Bigtree Entertainment Pvt. Ltd includes SAIF Partners, Accel Partners and Network18 Media and Investments Ltd.
Founded in 1999, BookMyShow is India’s largest entertainment ticketing website. Headquartered in Mumbai, the website/app is also destination for non-movie options like events, plays and sports. The company has partnerships with several Indian production houses and studios with real time ticketing for major cinema chains like Inox, Big Cinemas, Cinemax, Fun Cinemas among others, thus has ticketing for more than 3000 screens across 250 cities.