Bigtree Entertainment Pvt Ltd, which runs ticket booking platform Bookmyshow.com, on Tuesday announced that it has acquired a 75% majority stake in Pune-based DIY event registration and ticketing platform Townscript for an undisclosed amount.
Founded in 2014 by Sachin Sharma, an alumnus of IIT Kanpur and Sanchit Malikto, who graduated from Maharashtra Institute of Technology, Townscript provides ticketing and planning services for workshops, conferences, exhibitions, college festivals, marathons and adventure events.
The company comes as the second acquisition this year by Mumbai-based BigTree following its acquisition of Hyderabad-based MastiTickets last month.
“We definitely expect to see more traction in the space of do it yourself ticketing events. It’s unique and addresses a different set of users who want to set up their own events,” said Ashish Hemrajani, the CEO at BookMyShow. “We discovered the perfect synergy match with Townscript and are excited to be partnering with them in their journey towards excelling in this segment.”
Following this acquisition, Townscript will continue to run and operate as an independent entity while Hemant Madhwani, a business development manager at Bookmyshow will also join Townscript to lead the venture.
With the fresh capital, the events firm which works on a DIY ticketing model and helps organisers set up dedicated registration and ticketing pages within minutes using its website or mobile apps will also scale up Townscript, to build and enhance its product as well as to move across different geographies faster.
“We see this investment as the launch pad for a new round of innovation and fast-tracked progress. The investment will be primarily utilised towards building and improving the product offering to technology solutions that address all pain points of registration-based events right from school annual days, expos and conventions, to free-to-host charity, spirituality and fashion events,” said Townscript’s Co-founder Sharma.
Run and operated by Dyulok Technologies, Townscript allows organisers to set up and manage an event’s registration and ticketing platform within minutes. Specifically, Users can customise event details, send promotional mailers, manage payment collection and refunds, as well as generate a data-driven analysis of the event.
Townscript has launched two event apps, one aimed at customers looking to book events around them, and another for event organisers to help them manage registrations.
While the firm does not charge organisers for free events, it follows a transaction-based revenue model for paid events, where it charges customers 4% of the ticket value in addition to Rs 10 per transaction. At present, the company claims to have organised more than 12,000 events across the country including smaller cities like Ludhiana and Jaipur.
BookMyShow sold over 100 million tickets and expects to double the growth in the coming year while it strongly focuses on regional markets.
By Vivian Foo, Unicorn Media.
This news is published on Reuters.