Online entertainment ticketing platform BookMyShow has made a strategic investment in Pune-based payments technology startup AtomX Corp. Pvt. Ltd. As part of the deal, BookMyShow chief operating officer Anil Makhija will join the board of directors of AtomX. The financial terms of the transaction were not disclosed.
AtomX is a close-loop contactless, near-field communication-based (NFC-based) payments platform used across live events. It claims to have processed more than half a million transactions in India worth over USD 6.5 million.
Mint reported that the investment by BookMyShow will allow it to seamlessly enable AtomX’s cashless payments platform and solutions on NFC cards, wristbands, and key chains that consumers can use for digital payments at music festivals, sporting events, food festivals, concerts and other on-ground events.
The company also hopes to further strengthen its position in the market for out-of-home entertainment across ticketing, producing and managing on-ground operations for live entertainment experience through this investment, said Business Standard.
Ashish Hemrajani, founder and chief executive officer (CEO), BookMyShow, said, “We strive to provide relevant data analytics, insights around events to vendors and organisers to better deliver the experience to our customers. Our partnership with AtomX will play an instrumental role in furthering this experience."
Abhilash Gowdara, founder and CEO of AtomX, said, “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.”
Big Tree Entertainment, which owns and operates online entertainment ticketing platform BookMyShow, posted a 30% increase in operational revenue from Rs 300.9 crore the year before to Rs 391 crore in fiscal 2018.