Indian ticketing firm Bigtree said eyeing Sri Lanka entry
Jul 07, 2016 17:14 PM GMT+0530 | 0 Comment(s)
LOS ANGELES (Variety.com) - Prominent U.S. investors including Stripes Group have taken part in an $80 million funding round for Bigtree Entertainment. The company owns and operates Book-MyShow, an online ticketing portal spanning cinemas, stage shows and events.
The series D funding was led by Stripes, whose managing partner Dan Marriott was previously a board member of Ticketmaster. It gives Bigtree a roughly $440 million valuation.
The company says it will use the new capital to build content and communities around movies and events and also to expand abroad. It is considered the market leader in India and recently expanded to Indonesia. Sri Lanka is reported to be its next overseas target. Acquisitions are also a possibility, most likely in the data and analytics sectors.
Movies account for 60% of its revenues with the balance coming from sports, stage plays and live shows. It charges users a convenience fee and sold 100 million tickets in 2015-16, according to recent figures.
"We want to become a digital entertainment destination," co-founder and CEO Ashish Hemrajani told Indian media.
Other previous investors include Network 18, Accel Partners and SAIF Partners. Network 18 is the media group that is controlled by billionaire Mukesh Ambani and is Viacom's partner in India.