“I never let emotions override my intellect. The intent is important, not the action. And it is the intent that drives me.”
An Indian entrepreneur, Ashish Herajani, is the founder and CEO of BookMyShow, one of India’s largest online ticketing platforms
The founding of BookMyShow happened by chance, with Ashish sharing his business idea with his boss through a drunk text message back in 1999. Surprisingly, his boss responded with full support, saying, “No problem. Go for it.” A bit unexpected, but that was the start of the idea of building the venture.
Ashish established the parent company, Bigtree Entertainment, in 1999. A Sydenham MBA Marketing graduate, Ashish transitioned from roles in Account Management and Client Management at J. Walter Thompson, an advertising firm, before starting his own venture.
Building BookMyShow
Not a very well-known fact: before becoming BookMyShow, the ticketing giant originally started as ‘Go For Ticketing,’ later transitioning to ‘India Ticketing’ in 2002. In 2007, the company held a name-suggestions contest for its staff, during which an intern proposed the name ‘BookMyShow,’ and that’s how the name came to be.
Launched in 2007, with a presence in over 650 towns and cities, the platform caters to millions of customers, offering a wide range of entertainment options. Over the years, it has transformed from an online film ticketing platform to a comprehensive solution for managing live entertainment events, including concerts, sports, and more, maintaining the highest standards globally. Ashish believes,
“It is all about going out and trying. But don’t follow the herd. You have got to be very clear about why your idea or you as a person will succeed in this environment. How disruptive your technology is.”
The Indian online ticketing market, as per a RedSeer report, has reported a quarterly revenue of $28 million, with 50% of the industry’s earnings attributed to movies, followed by events. In 2017, the online ticketing sector, encompassing sports, concerts, and live entertainment, generated nearly $330 million. Notably, the online ticketing industry is expected to witness a 20% CAGR by 2020, and within a decade of its establishment, BookMyShow has achieved a 40% CAGR in revenue, securing a substantial 90% market share.
Major Wins
BookMyShow has achieved a commanding position in the online ticket booking industry, boasting over 50 million app downloads and consistently selling more than 15 million tickets each month.
Additionally, BookMyShow has secured exclusive partnerships with major sports teams, such as IPL franchises Mumbai Indians, Kings XI Punjab, Delhi Daredevils, Pune Warriors, and Rajasthan Royals, and became the exclusive ticketing partner for the Formula 1 race in India. The company’s remarkable growth is reflected in its increasing revenues, which have surged from INR 391 crore in FY2018 to INR 563 crore in FY20.
The platform records an impressive 2 billion annual page views and serves a vast customer base of over 30 million users across 650+ towns and cities, covering 4500+ screens. The company has attracted substantial funding from renowned investors like Stripes Group, Network 18, Accel Partners, and SAIF Partners.
The journey has been a long one, but Ashish has always been mindful of the risks he was taking and the path he wanted for himself. Lastly, as he says,
“High winds doesn’t make great sailors, light wind sailing makes great sailors…they equalise everything.”
