SUMMARY
BookMyShow’s parent raised funding from Jungle Ventures
BookMyShow entered Southeast Asian Market In 2016
The company is about to enter the unicorn club with $800 Mn valuation
To set up a geographical footprint in Southeast Asia (SEA), Bigtree Entertainment Singapore has raised an undisclosed investment from Jungle Ventures to shift BookMyShow SEA’s headquarters from Indonesia to Singapore.
Bigtree Entertainment Singapore will also use this fund to strengthen BookMyShow SEA’s technology operations and enhance its capabilities to cater to the rising demand of the platform Southeast Asian region. The company wants to transform BookMyShow into the leading out-of-home entertainment platform in the region.
Kenneth Tan, CEO of BookMyShow SEA, said, “We are delighted to welcome onboard Jungle Ventures to further enhance our foothold in Southeast Asia and provide unparalleled entertainment experiences to the audiences in this region. The out-of-home entertainment ecosystem in Southeast Asia has immense growth potential and this partnership is a testament to our vision.”
The Attempts To Make A Mark In South Asian Market?
The company has been trying to make its mark in the Southeast Asian market for a few years now. In 2016, BookMyShow set foot in Indonesia and started expanding its operations to other regions like Singapore and Malaysia.
In 2019, BookMyShow SEA also partnered with Singapore-based mobility and fintech company Grab to bring ticketing to its platform. BookMyShow also believes that the partnership has been its key driver in the localisation strategy.
In lieu of increasing its popularity, BookMyShow partners to execute live event performances — music, sport, and comedy — and distribute movies across the region. The company has also helped in organising shows and performances of internationally acclaimed artists and events in the region.
These shows and performances included Guns N Roses ‘Not in this Lifetime’ tour in 2018, Katy Perry’s ‘Witness The Tour’, Indie bands like Paramore and The Script. It has also supported popular EDM Festivals such as Sensation, Invasion and Indonesian artists like Tulus, Glenn Fredly amongst others.
In addition to this, BookMySow SEA has also ticketed for popular comedians such as Jim Jefferies and Russell Peter’s Deported World Tour in Indonesia; esports events like the GESC Dota 2 Minor and the Indonesian matches of the national football team’s FIFA World Cup qualifier matches in 2019.
The Indian Successes Of BookMyShow
Founded in Mumbai in 1999 by Ashish Hemrajani, Parikshit Dhar and Rajesh Balpande, BookMyShow is on the verge of entering the unicorn club in India. In June 2019, it was reported that BookMyShow is raising $100 Mn to increase its valuation from $800 Mn to $1 Bn.
The company is present in more than 650 towns and cities across 4,500 screens in India. In terms of funding, it has raised $224.5 Mn across various funding rounds. It’s investors includeTPG Growth and SAIF Partners.
Correction Note: 15:10 PM | December 3. 2019
- An earlier version of this article was published with the erroneous headline: “BookMyShow Plans To Move Out Of India With New Investments”. Inc42 regrets the error.
