Brands
KKR to buy 6 per cent BookMyShow stake for up to $50 million
Investment of up to $50 million values India’s ticketing and entertainment platform at as much as $833 million
MUMBAI: Global investment firm KKR is set to acquire around a 6 per cent stake in Indian ticketing and entertainment platform BookMyShow for $40 million to $50 million, according to a Reuters report citing a source familiar with the matter.
The companies announced the investment on Wednesday but did not disclose the financial terms. The transaction implies a valuation of about $667 million to $833 million for BookMyShow, the source said, requesting anonymity as they were not authorised to speak to the media.
The investment comes as demand for live entertainment continues to grow in India, with concerts, sporting events and other live experiences driving increased activity in the country’s entertainment-ticketing market.
Competition in the sector is also intensifying. Walmart-owned Flipkart is planning to enter the events and ticketing space, while Eternal’s District platform is expanding its presence in the market.
Founded in 2007, BookMyShow has expanded beyond online movie ticketing into live events and entertainment experiences. Its live entertainment business has hosted international artists including Coldplay, Ed Sheeran and Travis Scott.
The proposed investment gives KKR exposure to India’s growing live entertainment and ticketing market as BookMyShow expands its presence beyond cinema ticketing.
