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| BeyondBasiks to raise Rs 100cr VC fund |
| TE Narasimhan / Chennai Nov 20, 2009, 00:13 IST |
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BeyondBasiks Infotech Private Limited, a Hyderabad-based company that provides IT solutions that enables cinema theatres to sell tickets online, is planning to raise a Rs 100-crore venture capital (VC) fund to fuel part of its Rs 400-crore expansion. The company currently sells 200,000 movie tickets a month for over 50 theatres in Hyderabad through its online platform and outlets.
“Since the online concept proved successful, we want to extend this service to other cities. This includes installing the technology at 1,000 theatres across 200 cities and linking that to V-Sat with an investment of Rs 400 crore over the next two years,” BeyondBasiks managing director Raj B Tadla, said on the sidelines of the Media and Entertainment Business Conclave 2009 here.
Besides, the company is planning to launch an SMS solution and has already roped in three telecom operators. The service is likely to be launched in the next two weeks, he said, adding the company was contemplating going in for an initial public offering depending on the fund requirements for its expansion.
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