RE: Why do Dish have someone in asia19 Mar 2019 14:57
First of all, Bournemouth was getting approx 10,000 bookings a month if I remember correctly..I presume that's seats booked..anyhow, still bloody good from just 1 town. Then you can extrapolate out from there to see the potential income...ok, if you want to keep going on about Eatigo then here are some facts for which, if anything, highlight how cheap bigdish is.
BigDish believes that its current stage of development is comparable to Eatigo when in December 2015 (18 months following launch) Eatigo received a Series A investment, estimated at c.$5 million according to media sources (Source: Crunchbase). At time the company reportedly had c.400 restaurant partners and was operating in two countries (Source: https://www.techinasia.com/offpeak-restaurantbooking-startup-eatigo-raises-series-a-funding)
With series A rounds typically seeing issuers give away c.15-25% of their equity it is therefore estimated that Eatigo was valued at $20 million (£15.73 million) at the time of its Series A funding (assuming a 25% equity stake was taken). As a floor valuation, applying the same numbers to BigDish, implies a share price of 5.5p at current exchange rates. This could prove to be a conservative comparable on a restaurant number basis however as BigDish currently has just over 700 restaurant partners signed up across its Asia and UK operations vs Eatigo’s 400 at the time of the investment. In addition, BigDish has exposure to the more mature and higher priced UK industry, whereas Eatigo does not operate in the territory. Eatigo completed a Series B fundraise in October 2016 at which point it reportedly had grown to 700 partner restaurants, with media sources suggesting that c.$10 million was invested by travel and restaurant website owner TripAdvisor. A further round, described as a pre-Series C fundraise, in July 2018 saw a further raise of c.$10 million (Source: Crunchbase). In July 2017 the business then acquired the operations of Pune-based (India) Ressy, a mobile application that provides last-minute discounts at restaurants, and formed part of its expansion into India. Being interviewed by the Hindu Business Line around that time, Siddhanta Kothari, Chief Financial Officer of Eatigo, suggested the business had a valuation of $70 million (following the Tripadvisor funding round) and expected to be valued at $100 million following its launch in the Philippines and India. The $70 million (£55.06 million) valuation could therefore be applied as a potential benchmark to BigDish, with its current 700 restaurants being comparable to Eatigo’s total at the time of the Tripadvisor fundraise. This would equate to a share price of 19.26p.