Indian entertainment and ticketing giant BookMyShow has cut its losses by 30 per cent, with an increase in online ticketing helping to bolster the bottom line by more than 50 per cent.
In the year ending March 2019, the Mumbai-based company saw an increase in online ticketing, live events and turnkey ticketing, with group revenues rising from INR 406 Cr ($57m/€51m/£43m) last year to 619 Cr in 2019 – an increase of 52 per cent.
Meanwhile, the company reported a net loss of INR 115.19 Cr, down almost 30 per cent compared to FY18’s INR 161.44 Cr.
The results come just days after the company secured investment from Jungle Venture Partners for its Southeast Asian business to move to Singapore from India.
In addition, the ticketing firm’s owners Bigtree Entertainment, is currently in the process of closing a new $100m financing round with private equity firm General Atlantic, Singaporean investment fund Temasek Holdings and investment bank Goldman Sachs to acquire a total stake of between 10% and 12%. The move would value the company at about $1bn, the reports have claimed.