Singapore-based venture capital (VC) firm Jungle Ventures has invested an undisclosed amount in BookMyShow’s South-East Asia business, the online ticketing platform said on Tuesday.
With this investment, BookMyShow aims to expand its footprint across South-East Asia and to become a full-fledged entertainment ticketing destination.
BookMyShow entered Indonesia in mid-2016 and launched its services in Singapore and Malaysia this year.
“The out-of-home entertainment ecosystem in South-East Asia has immense growth potential," said Kenneth Tan, chief executive officer, SEA, BookMyShow.
“With an experienced investor in Jungle Ventures by our side, we aim to strengthen our capabilities to bring newer avenues of experiences."
Jungle Ventures is currently investing from its $240-million third fund, which closed in October. About 40% of the fund’s corpus is for Indian startups. Its past investments in India include industrial goods marketplace Moglix, home furnishing startup Livspace and small-ticket lending firm PaySense.
BookMyShow is worth about $1.3 billion, as it prepares for a secondary share sale, with private equity firm General Atlantic expected to pick up a 10-12% stake in the company, The Times of India had reported on 9 July.
Its early investor SAIF Partners is expected to exit the company, while Accel Partners will retain a small stake