Global investment firm KKR has agreed to buy a stake in BookMyShow, India’s leading ticketing and entertainment platform. KKR announced the deal on Wednesday but did not disclose the investment amount. The move marks a major bet on India’s fast-growing live events business.
KKR Deal Backs Live Events Growth
BookMyShow is operated by Bigtree Entertainment. Network18, a Reliance Group company, holds the largest stake of about 39 percent. Other investors include Accel, Elevation Capital, Stripes Group and TPG Growth.
According to an Economic Times report, KKR had earlier planned to invest around 25-30 crore dollars in BookMyShow. Those talks stalled for some time. The investment agreement has now moved forward.
From Movie Tickets to Concerts and Festivals
BookMyShow started in 2007 as a movie ticket seller. Today it has moved far beyond films. The company has strengthened its presence in live concerts, music festivals and other entertainment experiences.
BookMyShow is expanding into a large entertainment platform using technology, a big customer base and its understanding of the industry. KKR believes India’s rising spending power, large young population and growing demand for live events create big opportunities for the company.
Leaders Back the Partnership
KKR partner and India private equity head Akshay Tanna said BookMyShow has led the way in delivering great entertainment experiences in India. He said KKR is excited to be a partner in its next growth phase. The combination of BookMyShow’s local knowledge and KKR’s global network will help the company expand.
BookMyShow founder and CEO Ashish Hemrajani said KKR’s global perspective and consumer business experience will be useful for the company. He said the live events business has grown rapidly. India’s entertainment economy is also expanding steadily.
KKR’s Growing India Portfolio
KKR has already invested in several important sectors in India. Its Indian portfolio includes Medicover India, Lighthouse Learning, Vini Cosmetics, Healthcare Global, Darwinbox and Rebel Foods. The BookMyShow stake adds another big consumer brand to that list.
