Flipkart plans to buy minority stake in BookMyShow

Flipkart and BookMyShow are in talks for a strategic partnership. Flipkart plans to buy a significant minority stake in BookMyShow to build its services and build up against Paytm.

However, these talks are at a very initial stage and both the parties have not yet confirmed this partnership. BookMyShow is a ticketing platform which might give Flipkart an opportunity to foray into ticketing market. Also, Flipkart is building out its payments platform Phonepe to serve its customers.

Reliance Industries-owned Network 18 is the single largest shareholder in BookMyShow with stake of 39%. Other investors in this company are Stripes Group, Accel Partners and SAIF Partners. Although the company faced a tough competition from Paytm, it continues to be a major player in movie ticket bookings. In July, it bought Burrp, a restaurant-search agency and also sells tickets for sporting events, plays and musical concerts.

Since its launch, Flipkart has invested in over 20 firms. It has acquired famous brands like Myntra, eBay India and Jabong. It is also planning to foray into groceries segment this year. Flipkart was also in talks with Snapdeal, but the deal did not work out and stood cancelled in August.