BookMyShow is targeting growth in South East Asia after joining a major accelerator programme in the region.
The India-headquartered ticketing group has signed up to Grab Ventures’ Velocity growth stage program as it seeks expansion in territories such as Indonesia. Grab, which recently welcomed investment from Microsoft, is a major ride-hailing business in the region and is now involved across a number of technology sectors.
Grab Ventures Velocity, which was launched in June, is a 16-week programme that aims to help growth stage technology companies scale up faster by providing access to assets, resources, capabilities and networks of Grab and its programme partners.
During the period BookMyShow’s entertainment offerings will be featured within the feed on the Grab homepage, allowing tens of millions of Grab customers to browse and book services directly.
“BookMyShow is excited to partner with the Grab Ventures Velocity Program. Grab is an integral part of almost everyone’s daily lives in the entire SE Asian region and they bring with them extensive market expertise which will be instrumental as we look to accelerate our growth plans in Indonesia and the region” said Karan Khetan, co-founder of BookMyShow Indonesia.
Describing the service it offers partners, Grab Ventures Velocity said: “Grab is South East Asia’s leading technology player in the O2O, transport and fintech space. This differentiates us from other strategic partners or investors. By partnering with us, startups can tap our base of over 95 million downloads to further their reach.
“Each startup partner will have access to Grab’s world class experts, who cover areas such as: product, engineering, UX design, data science, marketing, operations, strategy and fund-raising.
“Our Grabbers draw upon their on-the-ground experience of having been there and done that. Through close collaboration, we will assess areas where Grab can best add value, and then pair up teams accordingly.”
BookMyShow’s owner, the Indian ticketing, information and analysis solutions provider Bigtree Entertainment, recently reported revenue of INR3.91bn (£44m/$56m). Standalone operational revenue, which covers its India business, accounted for around INR3.86bn of this total, compared to around INR3bn in 2017.