Bigtree Entertainment Singapore Pte Ltd, which owns and operates online ticketing platform BookMyShow SEA, has raised funding from early-stage investor Jungle Ventures.
The investment marks BookMyShow SEA's first external fundraise, which will be used to strengthen its Southeast Asia’s technology operations and grow its capabilities, the company said in a press statement. It didn't disclose the amount of investment.
The company will move its headquarters to Singapore from Indonesia, it added.
Kenneth Tan, CEO of SEA at BookMyShow, said the firm aims to strengthen capabilities to bring newer avenues of experiences. “BookMyShow is at the forefront of the global entertainment landscape and technological innovation and along with an experienced investor in Jungle Ventures by our side,” Tan added.
BookMyShow SEA works with partners to execute live event performances across music, sport, comedy and also distribute movies across the region. The company enabled shows and performances of internationally acclaimed artists and events in the region including the Guns N Roses ‘Not in this Lifetime’ tour in 2018 and Katy Perry’s ‘Witness The Tour’ among others.
It has also ticketed for global comedy sensations including Jim Jefferies and Russel Peter’s Deported World Tour in Indonesia, e-sports events like the GESC Dota 2 Minor – the first-ever Valve Corporation-sanctioned tournament and also the Indonesian matches of the National Football team’s FIFA World-Cup qualifiers campaign in 2019.
David Gowdey, managing partner at Jungle Ventures, said entertainment experiences, particularly live events are witnessing strong growth in SEA and with a world-class team helming its SEA business, BookMyShow will help people find, buy and enjoy events across the region.
BookMyShow entered Indonesia in mid-2016 expanding operations to other countries in the region including Singapore and Malaysia this year. It also has a presence in Sri Lanka.
It acquired Sharjah-based video-on-demand platform Nfusion, Mumbai-based restaurant-discovery platform Burrp, Pune-based DIY (Do-it-Yourself) event registration and ticketing platform Townscript, Hyderabad-based ticket-booking platform MastiTickets, and Chennai-based fan relationship management solutions provider Fantain Sports Pvt. Ltd.
However, as part of its expansion plans, BookMyShow has also scaled down its other lesser profitable operations of late. In January 2018, it announced that it would shut down its wallet service.
The company secured $100 million cheque in its Series D round of funding led by private equity firm TPG Growth last year.
Singapore-based Jungle Ventures, which has Tata Sons Ltd chairman emeritus Ratan Tata as an adviser, has recently raised $240 million (Rs 1,700 crore) for its third venture capital fund.
Three of four partners at Jungle Ventures are of Indian origin—Anurag Srivastava, Amit Anand, and Jayesh Parekh, co-founder of Sony Entertainment Television India, who joined the firm in 2013.