Ashish Hemrajani, the CEO and co-founder of the popular online ticketing platform, BookMyShow, has been summoned by the Mumbai Police. The summons is in connection with an alleged case of overpricing tickets for the Coldplay concert scheduled in January 2024. This concert, set to take place in Mumbai, has sparked widespread interest, but there are accusations of black marketing and inflated ticket prices.
The Economic Offenses Wing (EOW) of the Mumbai Police is currently investigating the claims. According to Advocate Amit Vyas, who filed the complaint, tickets for the highly anticipated Coldplay concert have been sold at rates far exceeding their original price. Tickets that were originally priced at Rs 2,500 were reportedly being sold for as much as Rs 1 lakh on BookMyShow.
Allegations of Black Marketing
The issue came to light when Advocate Amit Vyas filed a complaint alleging that BookMyShow had engaged in black marketing. He claims that the platform sold Coldplay tickets at prices inflated by 30 to 50 percent, leaving many fans unable to afford them. The allegations have caused significant concern, as ticket scalping and overpricing are illegal under Indian law.
The Mumbai Police has now issued a summons to Ashish Hemrajani to respond to the allegations. The investigation is ongoing, and the results will likely determine the next steps in this high-profile case.
From an Idea Under a Tree to a Billion-Dollar Empire
Ashish Hemrajani’s journey from conceptualizing BookMyShow to becoming a billionaire is an inspiring one. The idea for the company came to him while on vacation in South Africa. While sitting under a tree and listening to a radio ad for a rugby game, he realized the potential of selling tickets online for events, including movies and sports.
When Ashish returned to India, he and two friends founded Big Tree Entertainment Private Limited in 1999. At the time, the internet was still in its early stages in India, and online payments were not common. This presented significant challenges for the team, but they persevered.
The Struggles and Success of BookMyShow
The company initially faced a tough time during the dot-com crash of 2002, which left them with only six employees out of over 150. However, they managed to survive, and by 2006, with the growing popularity of debit and credit cards and the rise of multiplexes in India, things began to look up.
In 2007, Ashish rebranded the company as “BookMyShow.” The platform became a hit, and by 2011, the company was making significant profits, with revenues of over Rs 16 crore.
Since then, BookMyShow has grown to become India’s leading ticketing platform, not just for movies but also for concerts, sports events, and more. The company is now valued at an estimated Rs 7,500 crore, making it one of the most successful ventures in India’s entertainment industry.
Ashish Hemrajani’s Net Worth
Born in 1975, Ashish Hemrajani completed his schooling at Manekji Cooper Education Trust in Juhu before graduating from Mithibai College and pursuing an MBA from Sydenham College of Commerce and Economics. He started his career at the advertising firm J. Walter Thompson before venturing into the ticketing business.
Today, Ashish is reported to have a net worth of over Rs 3,000 crore, making him one of the most successful entrepreneurs in India. BookMyShow continues to thrive, though this latest controversy surrounding the Coldplay concert could potentially impact the company’s reputation.
The outcome of the ongoing investigation will determine whether the allegations of ticket overpricing are valid, and what consequences Ashish Hemrajani and his company may face.
