Indian ticketing platform BookMyShow has raised $100m in a Series D funding round to help the firm’s entertainment sector expansion plans.
In a statement, the firm said the capital injection will help propel BookMyShow further ahead of rival Paytm, which is steadily gaining ground.
“They (lead investors TPG Growth) 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,” said Ashish Hemrajani, founder and chief executive of BookMyShow, according to TechCircle.
The boost comes months after it was reported that the ticketing platform was in talks with TPG Growth to raise $50-60m in exchange for a 10 per cent stake. The deal would value BookMyShow at $750m.
However, in the announcement today (Wednesday), the firm made no mention of a stake sale or valuation.
Earlier this week, BookMyShow’s top competitor Paytm announced it was making a push to get all ticket-buyers using online payment methods.
Paytm is looking to leverage its platform and get into every consumer area where transaction is happening, entertainment being one of them, according to Saurabh Uboweja, international brand expert and chief executive officer at management consulting firm Brands of Desire, Live Mint reports.
The firm also said it would focus on sports, music and comedy events to boost its ticketing business. However, unlike BookMyShow that curates its own Jukebox, there are no plans on original content from Paytm as yet.
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