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Desai & Diwanji, IndusLaw ticket $18m BookMyShow VC funds from Facebook investor

Big-ticket $18m show
Big-ticket $18m show
Exclusive: Desai & Diwanji advised India’s largest entertainment ticketing website BookMyShow in the Rs 100 crore ($18m) capital and equity infusion to be made in it by global internet-business venture capitalist (VC) Accel Partners, advised by IndusLaw.

Desai & Diwanji Delhi-based partner Amit Khansaheb with associate partner Rachna Jain and senior associate Vishruta Kaul acted for BookMyShow’s holding company Bigtree Entertainment and its promoters.

IndusLaw partners Srinivas Katta and Kartik Ganpathy with associate Rashi Saraf acted for Accel Partners - one of the earliest global investors in internet businesses such as Facebook and Groupon. Accel has also partnered early-on with B2C websites such as Flipkart and Myntra.

Indian broadcasting major Network 18 and holder of 60 per cent equity in Bigtree, proposed to sell a third of its stake to Accel as part of the infusion, according to Business Standard. Network 18 was advised in-house.

BookMyShow is the exclusive ticketing partner for leading Indian sporting franchises such as Formula 1, Indian Premier League and Super Fight League. It sells over two million tickets in a month.

Accel Partners will get a minority stake in Bigtree with this investment which will be used by the entertainment ticketing company to expand its non-movie ticketing business in the Indian market, reported Deal Curry.

The VC firm’s India fund worth $155m was raised last year, and it typically invests smaller sums in early stage deals sized up to $5m. The present infusion came from the firm’s global funds as well, said today’s report in VCCircle.

Photo credits: GI

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