Mumbai-based online bookings platform BookMyShow announced on Tuesday that it has made a strategic investment in the Pune-based payments company AtomX. The amount of the deal was undisclosed.
With this investment Anil Makhija, COO, Venues and Service Delivery, BookMyShow will be joining AtomX’s Board of Directors. Anil leads the operations and service delivery verticals at BookMyShow and also oversees deployment of new on-ground technologies at the firm.
Commenting on the investment, Abhilash Gowdara, Founder and CEO, AtomX, said in a statement,
“The contactless technology penetration in India and the future of India is rapidly moving towards a cashless society. We are looking to unify both online and offline payments, enabling live entertainment events to accept contactless bank issued cards beyond our close loop tags which offer users multiple options to tap and pay at all our live events. BookMyShow is the leader in India's online entertainment landscape and we are thrilled to be associated with them to tap synergies more efficiently."
The booking platform will now provide customers an enhanced cashless experience for its onground events. A statement said that this investment will let BookMyShow seamlessly enable AtomX’s cashless payments platform and solutions on Near Field Communication (NFC) cards, wristbands, and keychains that consumers can use for digital payments at music festivals, sporting events, food festivals, and concerts, amongst others.
The solution enables users to store cash in the form of digital money in their NFC chip and simply tap and pay, to buy food, beverages and merchandise instantly, allowing them to enjoy the experience wholly without worrying about losing their money, the statement said.
AtomX’s solutions can be used by BookMyShow’s vendors and customers. It will allow the data to be stored on the card. This in turn resolves the challenge of low internet connectivity at outdoor events, which typically result in a broken experience on the ground.
On the investment, Ashish Hemrajani, Founder and CEO, BookMyShow, stated:
“As we broaden the out-of-home entertainment ecosystem, we continue to improve every aspect of that customer journey. This includes safer and smoother digital transactions both, while buying tickets and for on-ground services. We also strive to provide relevant data analytics, insights around events to vendors and organizers to better deliver the experience to our customers. Our partnership with AtomX will play an instrumental role in furthering this experience.”
Last year a RedSeer report suggested that the online-ticketing industry saw a 40-45 percent growth in the non-movie category. It stated: “The online ticketing industry saw a decrease in the share of movie tickets in Q3’17 as movies on-demand started to increase. To counteract this drop in movies, the industry shifted its focus to ancillary categories which are showing exceptional growth in sports and local events. Increased contribution of local events also opens doors for the increased penetration of the industry in Tier-II cities.”
Anil Makhija, COO - Venues and Service Delivery, BookMyShow, said, “As India’s leading destination for all out-of-home entertainment experiences, BookMyShow truly believes that the experience lasts much after the event. It is this user journey - from the ticketing process until on-ground execution - that we are constantly looking to improve and enhance. A smooth venue operation for any event relies significantly on technology and our investment in AtomX underlines BookMyShow’s aim to provide an unparalleled customer experience."
Want to make your startup journey smooth? YS Education brings a comprehensive Funding and Startup Course. Learn from India's top investors and entrepreneurs. Click here to know more.