Indian online movie ticket platform BookMyShow has acquired rival MastiTickets.
The acquisition, for an undisclosed amount, will give BookMyShow greater presence in the Andhra Pradesh and Telangana markets. BookMyShow currently has partnerships with 4,000 screens across India, with 530 screens being in those regions.
Hyderabad-based MastiTickets, which was founded by Ravi Narla in 2014, has partnered with over 120 cinemas in the surrounding Andhra Pradesh and Telangana regions. It enables users to book tickets for movies through its website, mobile app and mobile site.
“We have seen a 30 per cent growth from these markets,” said Ashish Hemrajani, co-founder of BookMyShow. “Kannada, Telugu, Tamil speaking audiences are some of the most important markets for us. This acquisition will enable us to acquire users in these markets, as well as exclusive access to around 120 cinemas.”
In 2016, BookMyShow sold over 100 million tickets and expects to double the growth in the coming year while it strongly focuses upon regional markets. It also secured a major funding boost, led by US-based growth fund Stripes Group, towards the end of 2016.
BookMyShow said it will continue to look out for acquisitions and partnerships to strengthen its presence in regional markets. Prior to this, the company has made three acquisitions in the past, with Chennai-based online ticketing player TicketGreen in 2013, social media analytics startup Eventifier in 2015 and fan relationship management startup Fantain Sports in 2016.
BookMyShow reported a massive 30 per cent increase in revenues for Q1 2017, which amounts to a total of $11.5m (£9.2m/€10.7m).
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