Flipkart Ltd is in talks to buy a large minority stake in ticketing platform Bookmyshow, as India’s most valuable internet firm seeks to improve customer stickiness and gain a higher share of spending by urban Indians, three people familiar with the matter said.
The online retailer wants to invest fresh capital into Bookmyshow by Bigtree Entertainment Pvt. Ltd as well as buy shares from some of its investors, the people cited above said on condition of anonymity.
Bookmyshow may be valued at $500-700 million if the proposed deal with Flipkart goes through, the people said. Mint couldn’t ascertain the amount that Flipkart plans to invest in Bookmyshow, which last raised Rs 550 crore in July 2016 from Stripes Group, Accel Partners, SAIF Partners and Network 18 at a valuation of more than Rs 3,000 crore. Accel is also an investor in Flipkart.
