BookMyShow SEA has received its first external investment from Singapore-based Jungle Ventures for its Southeast Asia business.
The undisclosed funding will see the division shift its headquarters to Singapore from Indonesia to strengthen its technology operations and capabilities to better cater to the rising entertainment demands in the region.
The Indian entertainment giant aims to expand its geographic footprint across the Southeast Asian market to become the leading out-of-home entertainment platform for the region.
Kenneth Tan, chief executive – South East Asia, BookMyShow 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. 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.”
BookMyShow entered Indonesia in mid-2016 expanding operations to other countries in the region including Singapore and Malaysia this year.
BookMyShow SEA works with partners to produce live event performances across music, sport and comedy and also to distribute movies across the region. The company has played an important role in enabling shows and performances of marquee internationally acclaimed artists and events in the region including the Guns N Roses ‘Not in this Lifetime’ tour in 2018.
David Gowdey, managing partner at Jungle Ventures, said: “We are very excited to partner with BookMyShow to help expand their business to multiple countries in Southeast Asia.
“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.”