Indian movie ticketing firm BookMyShow.com is reportedly in advanced talks with TPG Growth to raise up to $60m in funding.
The private equity firm is hoping to take a minority stake of under 10 per cent in BookMyShow, in a deal that is likely to value the online ticket booking firm at around $750m.
The talks are part of the fifth round of fundraising for BookMyShow, in which Accel Partners invested $18m in the company in 2012.
“BookMyShow has been in the market for some months to raise a new round of funding. The talks with TPG are at an advanced stage. TPG is looking to pick up a minority stake of under 10 per cent,” said a source requesting anonymity, as he is not authorised to speak to reporters, Live Mint website reports.
“The latest round of growth funding will help the company strengthen its leadership position, which has been under pressure due to entry of players such as Paytm in the movie ticketing space,” he added.
BookMyShow has a presence in over 650 towns and cities in India, serving the entertainment demands of over 25 million customers, with over 10 million tickets booked every month on its platform.
The company has also started operations in countries such as Sri Lanka, Indonesia, New Zealand and the United Arab Emirates.