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TPG, TPG's global alternative and private equity platform, made a $ 100 million (Rs 686 million) investment in Bigtree Entertainment, owner and operator of BookMyShow. With badets under management of approximately $ 13.2 billion, TPG Growth was joined by existing investors, including Stripes Group, SAIF Partners and Accel Partners, as part of the series of fundraising series D. The specific details of the transfer of funds, including the divestment of interests in TPG Growth, have not been disclosed.
Bill McGlashan, founder of TPG Growth and Managing Partner, also co-founder and CEO of The Rise Fund, said: and entrepreneurs who are at the forefront of media and entertainment at the scale World are an area of interest for the investment business. "BookMyShow has an incredible chance to transform the way Indian consumers discover and experience entertainment, and we look forward to working with the team to capitalize on this opportunity," McGlashan said in a press release
. engaged in the global media and entertainment landscape for many years now. Among the funds, TPG's portfolio in the sector includes Cirque du Soleil, Creative Artists Agency (CAA), Moretickets, Spotify, STX Entertainment and Vice Media.
This new injection of funds, according to BookMyShow, will serve to fuel its growth plans as the company transforms itself into an ultimate "entertainment destination" for its customers.
Ashish Hemrajani, founder and CEO, BookMyShow, was not available for comment. However, in a press release, he said: "TPG Growth brings a wealth of experience in the global media and entertainment industry, which will be instrumental in accelerating our growth plans in this area.
BookMyShow, since its inception in 2007, has worked with partners from across the industry to deliver unique entertainment experiences to its customers. The company is continually innovating to increase its share of ownership in the Indian entertainment value chain. This is done relying heavily on his badytical abilities and his incisive understanding of clients.
TPG Growth's Akshay Tanna said that although traditionally dominated by movies, India's entertainment industry is evolving and growing rapidly. "In partnership with BookMyShow, we have seen the opportunity to invest behind an innovative company that will benefit from these trends and become the leading organization across types of entertainment," he said in a statement.
BookMyShow user experience whether on the field during an event or online. Positioned as a category leader, he has expanded his operations in Sri Lanka and Indonesia and has invested in companies such as event recording and ticketing Townscript and Fantain, a fantastic sports platform for Cricket and Kabaddi. It also has a BookASmile charity initiative that provides entertainment experiences to the underprivileged.
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