Bigtree Entertainment Singapore, the company that owns and operates online ticketing platform BookMyShow SEA, has raised an undisclosed sum from Jungle Ventures.
The capital raised will be deployed to strengthen the BookMyShow SEA’s technology operations and grow its capabilities to cater to the demands of the Southeast Asian region, the company said in a statement. Following the investment, BookMyShow SEA will move its headquarters to Singapore.
Mumbai-born BookMyShow entered Indonesia in mid-2016, expanding operations to other countries in the region including Singapore and Malaysia this year. The company is also looking to execute live event performances across music, sport and comedy across the region.
“The out-of-home entertainment ecosystem in Southeast Asia has immense growth potential and this partnership is a testament to our vision. 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, we aim to strengthen our capabilities to bring newer avenues of experiences, all executed at par with global standards,” said Kenneth Tan, CEO, South East Asia, BookMyShow.
Founded in 2007, BookMyShow, is present across Indonesia, Dubai, Sri Lanka and Singapore amongst others. Over the years, the company has evolved from a pure online ticketing platform for movies to end-to-end management of live entertainment events including music concerts, live performances, theatricals, sports and more.
BookMyShow is reportedly eyeing unicorn status with new stake sale which was reported in July this year. The company is in talks to sell a 10-12% stake which will see existing investor SAIF Partners exit completely from the company, while Accel is expected to partially sell its stake.
“Entertainment experiences, particularly live events, are witnessing a 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. The platform is poised to become the largest entertainment destination in the region and Jungle Ventures is excited to be a part of this story,” said David Gowdey, managing partner at the Singapore headquartered Jungle Ventures.
Founded in 2012 by Amit Anand and Anurag Srivastava, Jungle Ventures recently announced the final close of its $240 million third fund. In India, it has backed companies such as home décor platform Livspace, SME focussed commerce platform Moglix, and marketing and analytics platform for food and beverage industry Mobikon.