Bigtree Entertainment, the India-based online ticketing platform operator backed by media company Network18, has raised $100m in a series D round led by TPG Growth, the Economic Times reported today.
Several existing investors, identified by news publication YourStory as Network18, private equity and venture capital firm Stripes Group, private equity firm SAIF Partners and VC firm Accel, also participated in the round.
Bigtree is the operator of online entertainment ticketing platform BookMyShow, which enables users to buy film tickets for more than 4,500 cinemas across about 650 cities in addition to tickets for live entertainment, sports and theatre.
The series D capital will be used to grow BookMyShow’s non-cinema ticketing transactions, which currently make up about 40% of its revenue.
Network18, which has reportedly been an investor in the company since 2007, also contributed to a $25m round for Bigtree in 2014 alongside Accel and SAIF Partners.
Accel had already supplied $18m for the company in a 2012 deal that included a secondary share purchase from Network18. Bigtree subsequently raised $81m in a 2016 round led by Stripes Group that included Network18, Accel and SAIF.
Ashish Hemrajani, founder and chief executive of 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.”