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Accel invests Rs 100 cr in BMS

Investment to help take customer experience to the next level.

Tags: Accel Partners, BookMyShow.com,

August 24, 2012  |  comments ( 0 )  | 
Accel invests Rs 100 cr in BMS

Bigtree Entertainment Private Limited, the holding company of one of India’s largest entertainment ticketing website BookMyShow.com, has announced an investment of Rs 100 crore by Accel Partners. As a part of this transaction, Accel will invest the amount through a primary infusion of capital and secondary sale of shares from existing investors.

On signing the deal, Ashish Hemrajani, Founder & CEO of BookMyShow.com said, “The funding from Accel comes at an interesting inflection point in our journey and is a strong vindication of our efforts to create India’s largest online entertainment ticketing platform. We look forward to leveraging Accel’s global Internet experience and Network18’s continued support to expand our footprint and help take our customer experience to the next level.”
 
Prashanth Prakash, Partner of Accel India said, “BookMyShow.com caught our attention because it has become synonymous with online entertainment and ticketing. We are constantly striving to invest in businesses that assume a leadership position by driving the definition and growth of their respective categories. We are very excited to add one of India’s pre-eminent Internet brands to our portfolio of investments in India.”
 
Commenting on the transaction, Sarbvir Singh, Head Investments of Network18 said, “In partnership, with the BookMyShow.com team, we have created a premier asset in the digital commerce space and built value for all stakeholders. We believe that Accel’s global Internet experience combined with the passion of the BookMyShow team will help the company take customer experience to the next level while continuing to build on its market leadership. The transaction has allowed us at Network18 to profitably monetise a part of our investment while allowing us to maintain a large position in the company to participate in the next phase of BookMyShow journey.”
 

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