Aug 19 (Reuters) – Global investment firm KKR will buy a minority stake in Indian ticketing and entertainment platform BookMyShow, the companies said on Wednesday, betting on a surge in demand for concerts and live events in the world’s most populous nation.
Here are more details:
• The investment comes as competition intensifies in India’s entertainment-ticketing sector, with Walmart-owned Flipkart planning its foray in the events and ticketing space, while Eternal’s District platform has also been expanding its presence, seeking a share of a market buoyed by robust demand for concerts, sports events and live experiences.
• BookMyShow, founded in 2007, has evolved from an online movie ticketing platform into a broader entertainment company spanning films, live events and experiences. Its live entertainment division has hosted renowned artists including Coldplay, Ed Sheeran and Travis Scott.
• BookMyShow founder and CEO Ashish Hemrajani said the company was seeing the opportunity in India’s entertainment economy grow “like never before” as it expands across the live entertainment landscape.
• The financial details of the transaction were not disclosed.
(Reporting by Kashish Tandon in Bengaluru; Editing by Nivedita Bhattacharjee)
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