BookMyShow’s Southeast Asian (SEA) business, which is operated by Bigtree Entertainment Singapore Pvt Ltd, has raised undisclosed amount of funding from Jungle Ventures. Jungle Ventures is a prominent venture capital firm that specializes in early stage funding. In all probability, the latest funding assumes huge importance as it is for the first time that BookMyShow SEA has raised funds from an external investor.
BookMyShow SEA, needless to say, will use the funds to consolidate its presence across Southeast Asian market. Following the latest funding, the company will also shift its headquarter from Indonesia to Singapore.
Just like its parent company in India, BookMyShow SEA also sells online tickets for movies and live stage show events ranging from music shows to standup comedy. Although the basic structure and revenue model remains the same, the market dynamics differs greatly as SEA customers boosts higher per capita income and their internet consumption is also relatively higher. While this makes the market lucrative, the challenges are just as abound for the company.
BookMyShow entered the SEA region in 2016 and since then has processed online tickets for several high profile shows like Guns N Roses ‘Not in this Lifetime’ tour and Katy Perry’s Witness The Tour.
Back in India, BookMyShow is on the verge of entering the prestigious unicorn club. Currently valued between $800 Mn to $1 Bn, the company will most certainly enter the unicorn club after the next funding. The Mumbai headquartered company had last raised funds in June, raising nearly $100 Mn from TPG Growth and other investors in series D round.
On the front of profitability, the company appears to be standing on a strong footing. The company’s latest filing with the registrar of companies revealed that its revenue for the previous financial year stood at Rs 390 Crore while the net loss was much below at Rs 162 crore.