BookMyShow acquires Hyderabad-based MastiTickets
Mumbai-based Bigtree Entertainment Pvt. Ltd, which runs online ticketing platform BookMyShow, has acquired Hyderabad-based ticket-booking platform MastiTickets for an undisclosed amount.
A statement from BookMyShow said the acquisition includes the transfer of all of MastiTickets's key assets and its existing cinema partnerships to BookMyShow. MastiTickets, founded in 2014 by Ravi Narla, is present in Andhra Pradesh and Telangana, and has 120 cinemas on board.
The acquisition will help BookMyShow consolidate its position and strengthen its footprint in the region, the statement added.
Ashish Hemrajani, chief executive and and co-founder of BookMyShow, said, "The acquisition of MastiTickets fit perfectly into its (BookMyShow's) expansion strategy. Hyderabad particularly has been a high-performing market for us...Andhra Pradesh and Telangana region represents diverse entertainment preferences in terms of both genres and languages, offering us huge growth potential."
"This definitely brings substantial value-addition to our user base and cinema partners in the region," Narla said.
BookMyShow had acquired Chennai-based online ticketing player TicketGreen in 2013. The company had also acquired a majority stake in Bangalore-based social media analytics start-up Eventifier in 2015, and Chennai-based fan relationship management solutions provider Fantain Sports Pvt Ltd last year.
According to data from VCC Edge, the data and analytics platform of News Corp VCCircle, BookMyShow in FY16 reported total income of Rs 249 crore and a profit after tax of Rs 2.5 crore.