[Funding alert] Jungle Ventures makes undisclosed investment in BookMyShow’s Southeast Asia business
With this first external investment in its Southeast Asia business, BookMyShow will move its regional headquarters to Singapore targeting further expansion.
Bigtree Entertainment Singapore Pte Ltd, which owns and operates BookMyShow SEA, on Tuesday announced that it has raised an undisclosed investment from Singapore-based Jungle Ventures for its Southeast Asia business.
With this first external fundraise for the firm’s Southeast Asia business, BookMyShow SEA will shift its headquarters to Singapore. The capital will be used to strengthen BookMyShow SEA’s technology operations and grow its capabilities to cater to the rising entertainment demands in the Southeast Asian region.
In addition to this, BookMyShow SEA aims to expand its geographic footprint across the Southeast Asian market to become the leading out-of-home entertainment platform for the region.
Commenting on the investment, Kenneth Tan, CEO–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, 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. The business has focussed on creating and building the movies and live entertainment ecosystem across the region.
David Gowdey, Managing Partner, 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.”
BookMyShow SEA also entered into a partnership with Southeast Asia’s leading super app, Grab, in 2019 to advance Grab’s ‘Super App’ strategy through the ticketing tile within the latter’s mobile app. The partnership has been a key driver of BookMyShow SEA’s localisation strategy to entrench itself deeply in the region’s entertainment ecosystem.
(Edited by Athirupa Geetha Manichandar)
How has the coronavirus outbreak disrupted your life? And how are you dealing with it? Write to us or send us a video with subject line 'Coronavirus Disruption' to email@example.com