Private equity firm General Atlantic, Singaporean investment fund Temasek Holdings and investment bank Goldman Sachs are in advanced talks to acquire a total stake of between 10% and 12% in Indian entertainment giant BookMyShow, according to the Times of India and Economic Times.
The total investment is likely to exceed $100m (£79m/€88m), valuing the company at about $1bn, the reports have claimed.
The transactions could close within weeks, the newspapers added, with SAIF Partners reportedly considering offloading all of its 5.6% stake in BookMyShow. The talks, which have been overseen by Avendus Capital, could also lead to a partial divestment by Accel India.
SAIF Partners and Accel India were among the investors that took part in a funding round in July 2016, some nine years after the platform’s launch.
BookMyShow, which is operated by Bigtree Entertainment, is thought to have raised more than $220m through funding rounds in recent years.
It has expanded into Sri Lanka and Indonesia and invested in other companies, including ticketing platform Townscript, fantasy sports platform Fantain and payments technology provider AtomX in April.
Late last year, BookmyShow underlined its international ambitions by linking up with the Grab Ventures Velocity accelerator programme in Southeast Asia.
Two months ago, BookMyShow signed a five-year deal with the AEG-owned Coca-Cola Arena in Dubai, establishing a significant presence in the Middle East.
Image credit: AEG Ogden