BookMyShow invests in Pune-based fintech firm, AtomX1 year ago Bhavitaavya Dharanikota
Online ticket-booking platform BookMyShow has announced a strategic investment in AtomX, a Pune-based payments technology company for an undisclosed amount. With this investment, BookMyShow will provide customers an enhanced cashless experience for a host of on-ground events. This is part of BMS’ larger strategy to strengthen its presence in the out-of-home entertainment segment, right from ticketing to producing and managing on-ground operations across various live entertainment experiences. 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.
The investment will allow BookMyShow to seamlessly enable AtomX’s cashless payments platform and solutions on Near Field Communication (NFC) cards, wristbands, key chains which 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. 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.
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 this investment in AtomX underlines BookMyShow’s aim to provide an unparalleled customer experience. Last year, Bigtree Entertainment – which operates BMS – had raised USD 100 million (about Rs 685 crore) in a funding round led by TPG Growth. In July 2016, it had raised over Rs 550 crore, led by US-based Stripes Group. BookMyShow posted a 30% increase in operational revenue in fiscal 2018, with strong growth in non-movie operations and posted a revenue of Rs 391 crore for the year through March 2018 while its loss widened for the year, as it continued to spend on expanding the non-movie ticketing segment.