BookMyShow invests in fintech firm AtomX

Online ticketing platform BookMyShow (BMS) Tuesday said it has invested in Pune-based payments technology company, AtomX.

"This further strengthens the company's market leadership in out-of-home entertainment landscape across ticketing, producing and managing on-ground operations across various live entertainment experiences," BMS said in a statement.

The investment, details of which were not disclosed, will allow BMS to seamlessly enable AtomX's cashless payments platform and solutions on Near Field Communication (NFC)-powered cards, wristbands, key chains that consumers can use for digital payments at music festivals, sporting events, food festivals and concerts, among others.

The solution enables users to store cash in the form of digital money in their NFC chip and tap and pay.

"As we broaden the out-of-home entertainment ecosystem, we continue to improve every aspect of that customer journey. This includes safer and smoother digital transactions both, while buying tickets and for on-ground services," BookMyShow founder and CEO Ashish Hemrajani, said.

The investment will see BMS Anil Makhija join AtomX's board of directors. He leads the operations and service delivery verticals, while also overseeing deployment of new on-ground technologies.

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.