BookMyShow looks for Flipkart's backing to combat Alibaba
A minority stake in BookMyShow to give Flipkart a play in the fast-growing online ticketing space and also an access to a high-spending loyal customer base Amid competition from deep-pocketed global players like Alibaba, India’s leading online ticketing platform BookMyShow is looking for a backing in its space from Flipkart, the country’s largest internet company. While Flipkart BookMyShow Deal has been one of the few profitable internet companies in India, with a profit of Rs 3.1 crore on a revenue of Rs 248 crore in the year that ended March 2016, competition from rivals like Paytm has caused sales growth to slow. To shield itself from cash-burning rivals, BookMyShow will sell a minority stake to Flipkart, a behemoth with a cash reserve of $4 billion. For the e-commerce major, a stake in BookMyShow will give it a play in the fast-growing online ticketing space and also an access to a high-spending loyal customer base. Also Read : Latest Current ...