Malaysian online ticketing platform Ticket2U has invited investors to get involved in its business expansion plans for the domestic and Southeast Asian markets.
The company’s founder YC Chia said it is looking to raise an estimated RM12m ($2.9m/£2.2m/€2.6m) to RM20m in funds to accelerate growth plans, which include expanding to offer concert ticketing services to major players in the market, as well as onsite registration services to exhibitions.
“We are looking for strategic partners that are aligned with our ecosystem and believe in our plans,” said Chia. “Through partnerships and investments, we believe we can leverage each other’s strengths to springboard a new level of win-win in business especially in the aspects of marketing, branding and business expansion knowledge.
According to Chia, investors will be able to start seeing their return on investment as early as two years, adding: “We will be focusing on profit-generating in online ticketing and onsite registration, and we aimed to push our revenue to RM100 million in 2022. We are also working on pushing up to a profitable company next year (2020).”
Chia wants to replicate this business model in the international market particularly Singapore, Indonesia and Vietnam.
He said: “If we are able to successfully replicate this in these countries, the profits are estimated to be doubled, or even tripled, as the population in both countries are much larger than Malaysia.”
Ticket2u is also looking to launch its bus ticketing service in the third quarter of 2020 in five countries, namely Malaysia, Singapore, Thailand, Vietnam and Indonesia. Another plan in the pipeline in the same quarter of 2020 is the launch of its business matching app, that would be used in Malaysia’s conferences, corporate summits, and government meetings as a platform for exhibitors and delegates to connect.
Ticket2u is also scheduling in its integrated services of car park ticketing, which includes licence plate recognition, movie ticketing, flight ticketing, e-payment systems and more.