Online entertainment ticketing firm
BookMyShow (BMS) has acquired Burrp, a Mumbai based local restaurant recommendation
engine, from Network 18. The acquisition is being carried out on a slump sale
basis by Foodfesta Wellcare, an arm of Big Tree—an associate firm of Reliance
Industries, which is also the promoter group company of Network18.
Burrp is India’s oldest food-tech
business and currently lists over 56,000 restaurants across 12 cities. Burrp
revenue during the 2016-17 fiscal year was Rs56.67 lakh accounting for 0.69% of
Network18’s turnover. The net worth as on 31 March 2017 stood at a negative
Rs28.89 crore.
It further said considering the
“insignificant contribution” of Burrp to revenue and the investments and the
focus required to be made, Network18 had decided to divest the Burrp business. The
transaction is at arms’ length basis and being a slump sale does not have any
impact on the shareholding pattern of the company.
Founded in 2006, Burrp was a
prominent player in the restaurant discovery space until it lost ground to
competitor Zomato. BookMyShow has been focusing on transforming into a complete
entertainment destination as it faces competition from new players like Paytm.
No comments:
Post a Comment