BookMyShow, an India-based online ticket seller, has raised Rs 1.5bn ($25m) in funding from investors including India-based entertainment and media company Network18, the Economic Times reported yesterday.
Other investors in the round include private equity firm SAIF Partners and venture capital firm Accel Partners. Accel also invested $18m in the company in August 2012, buying shares of Network18’s corporate venturing unit, Capital18.
The round valued BookMyShow at Rs 10bn ($166m). It plans to use the cash to hire additional staff and to expand in smaller towns and cities, where it will concentrate on smaller cinemas and events.
Additional funds will go towards enhancing technology related to mobile apps and payments.