BookMyShow Raises USD 100 Million in Series D Funding Led by TPG Growth
by EVENTFAQS Bureau Industry Watch | July 19, 2018 | News
Bigtree Entertainment Pvt. Ltd., which owns and operates BookMyShow, announced that it has executed definitive documents to raise USD $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.”
“TPG Growth is committed to partnering with dynamic companies and entrepreneurs that are at the forefront of global media and entertainment,” said Bill McGlashan, TPG Growth Founder and Managing Partner and Co-Founder and CEO of The Rise Fund. “BookMyShow has a tremendous chance to transform how Indian consumers discover and experience entertainment, and we’re looking forward to working with Ashish and the team to capitalize on this opportunity.”
“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.”
For many years, TPG Growth has been actively engaged in the global media and entertainment landscape. Across funds, TPG’s portfolio in the sector includes Cirque du Soleil, Creative Artists Agency (CAA), Moretickets, Spotify, STX Entertainment, and Vice Media. Avendus Capital was the exclusive financial advisor to BookMyShow and Shardul Amarchand Mangaldas & Co. were the legal advisors representing the company during this round.
This fresh infusion of funds will fuel BookMyShow’s growth plans as it transforms into the ultimate ‘Entertainment Destination’ for its customers.