TPG leads $100m Series D for India’s Bigtree

The private equity firm invested via its global growth division and was joined by a number of unnamed existing backers. It follows an IRN5.5 billion ($80 million)  investment in 2016 from US-based Stripes Group, Accel Partners, SAIF Partners, and Indian media group Network 18. The fresh capital will be applied primarily to an expansion of BookMyShow, which operates across cinema, sports, and cultural events.

“Traditionally dominated by movies, India’s entertainment industry is rapidly changing and expanding, driven by factors such as rising income levels, growing consumer appetite, and higher internet usage,” Akshay Tanna, a principal at TPG Growth, said in a statement. “In partnering with BookMyShow, we saw the opportunity to invest behind an innovative company that is set to benefit from these trends and become the leading organization across entertainment genres.”

Bigtree established India's first entertainment ticketing company in 1999 with the aid of an investment by Chase Capital Partners, which ultimately became Unitas Capital. The company launched BookMyShow in 2007 and the business is now said to be India’s default digital entertainment service. The current growth plan is expected to leverage TPG’s experience in the entertainment sector, including Cirque du Soleil, Spotify, and China’s Moretickets, which received a $60 million round last week.

Previous investment in Bigtree includes an INR1.5 billion round in 2014 from SAIF, Accel and Network 18, which valued the company at around INR10 billion. Network 18, which backed the company as early as 2007, went on to acquire a 60% stake for INR200 million. In 2012, Accel acquired a 20% position for INR100 million, leaving Network 18 with a 40% holding. Current ownership stakes have not been confirmed.  

Avendus Capital was the financial advisor for the Series D transaction.

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• Topics
• South Asia
• Consumer
• Media
• Expansion
• India
• TPG Capital
• TMT
• Growth capital