Yesterday, online ticketing company BookMyShow said that it raised Rs 150 cr from investors in a round that valued the company at Rs 1000 cr. In many ways, the BookMyShow journey is an inspiration to entrepreneurs.
For over a decade, the company has gone through ups and downs. Right now, it claims 70% of the online entertainment ticketing sales in India. Although startups have started chipping away at the market, BookMyShow has a stronghold on movie ticketing.
We did a Q&A with Ashish Hemrajani, the Founder & CEO of Bigtree Entertainment which owns BookMyShow to understand what’s next for the company. Edited Excerpts.
1. Future plans?
With this round of investment, the company is looking to invest in increasing its penetration outside Tier I cities, to reach a larger consumer base, build on its technological infrastructure, look at some key strategic acquisitions, work on expansion plans in international markets and expand its offering in order to take its customer experience to the next level.
2. When was this round closed?
The discussions have been on for a while and deal was signed late last week.
3. How much money has BookMyShow raised in total so far?
Rs 300 crores including all 3 rounds – Network 18 investments in 2007, Accel investments in 2012 and this round.
4. What is your market share in movie ticketing currently?
BookMyShow.com enjoys the market share of over 70% in the online entertainment ticketing space. The company has sold over 100 million tickets till date. For movies, BookMyShow.com manages online ticketing for over 2000 screens across 500 cinemas in close to 200 cities. As part of our future plans, BookMyShow will further penetrate the single screen cinema segment in these markets and other tier 2 & tier 3 cities
5. What is the size of the movie ticketing market?
3.6 Bn tickets are sold in India currently across all kind of cinema. However, we believe that the addressable market for an organized e-Commerce player like BMS is between 600-800M tickets annually
6. How has the shift from web to mobile played out for you?
BookMyShow launched its first mobile app in the year 2010 when m-commerce was in its very nascent stages. The app was recently re-launched which quickly went on to become one of the most downloaded m-commerce app in the country with close to 6 million downloads. BookMyShow records over 40% of its sales through mobile app which is one of the highest in the country for an e-commerce player.
7. How are other categories like Events, Plays, Sports and Festivals picking up?
It’s a growing business. While Movies has been the conventional choice for most for entertainment, other alternate entertainment content has been on the rise with people wanting to explore options across different sporting and live events. Micro format events and stand up comedy is new and sprucing up in the country. With some very big names and leagues coming to the country this space is likely to grow manifold.
8. Where do we stand on the issue of convenience fee in states like Maharashtra?
We are waiting for the decision to come through. The courts have heard our stand and hoping the decisions come through soon. More on that here.