Global investment firm KKR will acquire a minority stake in Indian ticketing and live entertainment platform BookMyShow, as the company looks to expand its presence in the live entertainment business.

KKR and BookMyShow said on August 18 that they had signed definitive agreements for the investment. The financial terms of the transaction were not disclosed.

The deal is subject to customary regulatory approvals.

KKR investment in BookMyShow

The investment will support BookMyShow’s next phase of growth, particularly its live entertainment business, the companies said.

BookMyShow has expanded beyond movie ticketing since its launch in 2007. Its business now spans movie tickets, live entertainment and other experiences.

Its live entertainment arm, BookMyShow Live, works across areas including talent and intellectual property acquisition, event production, promotion, partnerships and audience development.

The company has brought international acts and productions to India, including Lollapalooza India, U2’s The Joshua Tree Tour, the NBA’s India debut games, Disney’s Aladdin and Cirque du Soleil’s BAZZAR.

BookMyShow’s business

BookMyShow is operated by Bigtree Entertainment and has a presence across more than 700 Indian cities and towns, according to the company.

It started as an online movie-ticketing platform and has since expanded into live music, performances, sports and other entertainment events. The company also operates BookMyShow Stream, its transactional video-on-demand platform.

BookMyShow has previously raised capital from investors including TPG Growth, Stripes Group, Elevation Capital, Accel and Network18.

Why KKR is investing

KKR said its investment reflects its view that India’s entertainment sector has room for further growth, supported by rising discretionary spending, a large young consumer base and demand for live entertainment.

For BookMyShow, the investment comes as the company seeks to scale its live entertainment operations and expand its offering across India.

The transaction also adds BookMyShow to KKR’s global media and entertainment investment portfolio.

KKR has investments across sectors in India, including healthcare, education, consumer businesses, food delivery and enterprise technology.

The investment is being made by funds managed by KKR. Avendus Capital was BookMyShow’s exclusive financial adviser, while Trilegal acted as its legal adviser.

The companies did not disclose the size of the stake or the valuation of BookMyShow.