Online ticketing giant Book My Show (BMS) has acquired Burrp(in all cash deal of Rs. 6.7 Lakh) by slump sale, a local restaurant recommendation platform, from Network18 based out of Mumbai.
This acquisition has been carried out by Foodfesta Wellcare, a promoter group of Network18 and also a branch of Big Tree which owns & operates Book My Show. In this acquisition, Burbb will transfer all its key resources to Book My Show including employees and existing restaurant partnerships.
Burrp is one of the oldest food tech companies in India, started back in 2006. The platform currently lists over 55,000 restaurants across more than 12 cities. Burrp was a Giant player in the restaurant searching space until Zomato disrupted this space.
Burrp’s revenue during the 2016-17 fiscal year was Rs56.67 lakh accounting for 0.69% of Network18’s turnover. The net worth as on 31 March 2017 stood at a negative Rs28.89 crore, Network18 said. (Source : Live Mint)
While dominating in the entertainment ticketing space, Book My Show is threatened a close competition from Paytm & Alibaba Pictures which recently expands itself as online ticketing agent also.
Mansi Vora, Head (Mergers & Acquisitions), Book My Show said that to be a complete entertainment destination, acquisition of Burpp will play a vital role as movie goers are food lovers also.
Now, its important to watch how Book My Show will compete to Paytm which recently acquires Insider.in, whereas Alibaba Pictures which acquires Ticket New. Stay tuned with us to watch all the happenings in Startup Ecosystem.