SINGAPORE-BASED venture capital firm Jungle Ventures has invested an undisclosed amount into the South-east Asian arm of online entertainment ticketing platform BookMyShow, through its parent company Bigtree Entertainment Singapore.
The investment marks BookMyShow S-E Asia's first external fundraise, which will be used to develop its technology and operations. The headquarters for the business will be moved to Singapore from Indonesia to drive growth in the region.
BookMyShow, which was launched in 2007 in India, entered Indonesia in mid-2016 and expanded its operations this year to other countries in the region, including Singapore and Malaysia. It is partnering Grab so that users can buy tickets to entertainment events directly through the Grab app.
The firm works with partners for live event performances across music, sports and comedy and to distribute movies across the region. Some of the acts that it has brought to its markets over the past two years include Disney's Aladdin, Cirque du Soleil BAZZAR and international artistes such as Coldplay and Ed Sheeran.
Asked why Jungle Ventures is investing in BookMyShow when it normally invests in startups, managing partner David Gowdey said: "The South-east Asia business is a startup in this region, but it has the unique advantage of being able to pull on the experience and technology in India. Jungle Ventures is helping BookMyShow South-east Asia scale across the entire Asean region, so it can be the regional category leader in the ticketing space."
Kenneth Tan, chief executive officer – South-east Asia of BookMyShow, said: "The out-of-home entertainment ecosystem in South-east Asia has immense growth potential and this partnership is a testament to our vision."