BookMyShow has always been hailed as one of those startups that doesn’t live in valuation bubble but has numbers by its side. This was once again validated when the online ticket selling platform announced the numbers for 2018-19 financial results. The latest balance sheet numbers spell good news for the Mumbai based startup, with its topline shooting up by more than 52% and net losses narrowing down by 30%.
The healthy spike in topline has taken BookMyShow’s revenue to Rs 619 crores as compared to Rs 406 during the same period while the net loss as narrowed down to Rs 115.19 Cr compared to Rs 161.44 during the same period. The company’s total expenses, on other hand, rose by 30% to reach Rs 733.55 crore. These expenses mostly account for employee benefits and marketing expenses among others.
These impressive numbers have come barely days after BookMyShow spun off its Southeast Asian business in order to ramp up the regional operations. The SEA business also raised its first ever external funding from Jungle Venture. Besides, it has taken the decision to shift the headquarter from Indonesia to Singapore. The Mumbai based online ticket seller entered the SEA region nearly three years ago and since then has been trying hard to consolidate its presence in the highly lucrative market.
Back in India, BookMyShow enjoys monopolistic position in the online ticket selling space. Although it does face some competition from several players including deep pocketed player like Paytm, it has largely managed to fend off the competition. The company is also teasing close to enter the unicorn club, with the company currently commanding market valuation of $800 – 900 Mn. It is almost certain that the company will cross the $1 Bn market valuation after the next funding round.