BookMyShow, online movie and event ticketing platform, has acquired Burrp, Mumbai-based food and restaurant recommendation engine, from Network 18 through a deal of all-cash.
Deal was finalized at Rs 6.7 lakh
The sale was considered as slam dunk and was concluded at mearge Rs 6.7 lakh. The sale was finalized after two months when the board of Network18 approved the sale of Burrp following its low revenue contribution to its parent company.
The sale of Network18’s Burrp has been made to Foodfesta Wellcare which is a subsidiary of BigTree Entertainment, parent company of BookMyShow.
Changes made in Burrp while 2010-14
The concluded deal was considered a pittance when compared to Rs 4.25 crore amounts that was paid by Infomedia18 to acquire Burrp in 2009. The 2009 acquisition witnessed founders Anand Jain and Deep Ubhi moving ahead to pursue their own ventures. The management at Burrp was a witness to a large number of changes from 2010 to 2014. Reliance IndustriesBSE 1.80% acquired Network18 in 2014 and relaunched Burrp with new management.
What will happen to key assests of Burrp
This deal will hand over the key assets of Burrp such as its employees as well as restaurants partners to BookMyShow.
Previously BookMyShow has acquired Masti Ticket.
Food is an integral part of Movie going
Mansi Vord who is the head of mergers and acquisitions at BookMyShow said that, “Movie going in India is a social activity and food is an integral part of it. This is where Burrp fits in for us. We are excited to have Burrp on board and look forward to benefitting from their experience, technology and partnerships to offer a superior and comprehensive offering to our users”.
Now, Burrp has more than 60000 restaurants located in 14 cities. Burrp has recently stepped foot into redemption and coupons along with sale of tickets for F&B events which is expected to add significant revenue to BookMyShow’s offerings.