Mumbai-based online ticketing platform BookMyShow, in which Reliance Industries-controlled Network18 holds a sizeable stake, has acquired restaurant-discovery platform Burrp, another Network18-owned firm.
Bigtree Entertainment Pvt. Ltd, which runs BookMyShow, told VCCircle that Burrp would continue to run as a separate entity.
The Network18 divestment was made to Foodfesta Wellcare Pvt. Ltd, the BigTree subsidiary that owns and operates BookMyShow, a press statement said.
The companies did not reveal the value of the all-cash deal, but a report in The Economic Times called it a "slump sale" and pegged it at a meagre Rs 6.7 lakh.
Mansi Vora, head of mergers and acquisitions at BookMyShow, said in a statement: “Movie going in India is a social activity and food is an integral part of it. This is where Burrp fits in for us."
Apart from movie and event tickets, BookMyShow also offers MyCoupons, with which users can avail of discounts at popular restaurants and cafes in the vicinity of cinema halls.
Burrp was launched in 2006 by Deap Ubhi and Anand Jain. Ubhi is now co-founder and chief executive of Tablehero, a restaurant-booking platform. Jain went on to launch user engagement and analytics platform CleverTap. Burrp was bought by Network18 in 2009.
In January, BookMyShow had acquired Hyderabad-based ticket-booking platform MastiTickets for an undisclosed amount.
It had acquired Chennai-based online ticketing firm TicketGreen in 2013. The company had also bought 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 reported total income of Rs 249 crore and a profit after tax of Rs 2.5 crore for FY16.
BookMyShow was launched in 2007, and claims to be present in over 650 towns and cities across India.
