Flipkart in talks to buy BookMyShow to reach top-class market

Flipkart Ltd is reportedly in talks to buy BookMyShow shares. The e-commerce giant headquartered in Bengaluru is making deals and business partnerships with Mumbai-based ticketing platform as part of capturing the market share of the upper middle class in India.

Tinuku Flipkart in talks to buy BookMyShow to reach top-class users

Flipkart Ltd is conducting acquisition talks with Bigtree Entertainment Pvt which operates the BookMyShow ticketing platform. The company has set up US$500 to US$700 million if the deal is successful.

Initially Flipkart revealed its intention to buy BookMyShow, but other sources said stock sales were more likely to happen than acquisitions. Reliance Industries owned by Network18, which owns 39% of the shares as the biggest holder in BookMyShow is being bullish on the company.

BookMyShow has a market share of wealthy people in urban India. The company posted a Rs3.1 crore profit of Rs248 crore revenue in the last year ending in March. They experienced a decrease due to crushed by Paytm who began serving movie ticketing.

BookMyShow has gained considerable competitive pressure, but still controls the majority of movie ticket bookings. The company also sells tickets for sporting events and restaurant searches. Flipkart looks for deals and business partnerships with BookMyShow part of its strategy to get top and rich customers.