The owner of BookMyShow, India’s biggest movie and entertainment ticketing portal, has raised Rs550 crore (€73.6m/$81.6m) in a new funding round.

Bigtree Entertainment, which operates the portal, has been backed by existing investors, including US-based growth fund Stripes Group, viz. Network 18, Accel Partners, and SAIF Partners.

The funding raised in this round is more than double the total capital that the company has raised over the last six years and values the company at about $450m.

Ashish Hemrajani, CEO and co-founder of BookMyShow, told the Economic Times newspaper that the company now has enough capital to invest in strengthening its leadership position over the coming three years.

"We will continue to invest in enhancing user experience through our data analytics engine," Hemrajani said.