PictureTime, a mobile digiPlex movie theatre has raised Rs 25 crore in a pre-series A round from a group of investors. The round was led by Ajay Relan, Rohit Chand, Ashish Gupta and others. The fresh capital will be used to expand its reach and technology.
Founded in 2015, PictureTime offers a mobile digiplex cinema theatre unit built by using a fireproof inflatable canopy. The company uses the Internet of Things (IoT) to project movies that have the same video and audio quality as any state-of-the-art multiplex.
The theatre can be installed within few hours provides facilities like air conditioning, Wi-Fi hotspot and micro ATMs. The tickets are priced in the range of Rs 30 to Rs 50.
Apart from entertainment, the outside premises are converted into a food court by the authorities. The platform which can lodge up to 120 plans to accommodate more people in future.
The Bengaluru-based company which showcases movies in remote villages of Telangana, Chattisgarh, Jharkhand, Goa, Madhya Pradesh and Odisha is all set to be operational in Maharashtra, Tamil Nadu and Uttar Pradesh also.
Currently, it has 10 mobile theatre units and is planning to operate 100 new units by March 2019.
The company has also signed with brands like PC Jewellers, Friday Filmworks, and others to generated revenues.
In the movie market of rural India, PictureTime has a huge scope for expansion of its mobile movie theatres, as the younger movie buffs in the villages find it the easy way to watch the movie in few bucks as compared to multiplexes which charge huge amount to watch.
According to the Ficci-KPMG Media and Entertainment Industry Report 2017, by the end of 2016, there were around 6,000 single screens and around 2,500 multiplex screens in India.
Meanwhile, Online ticketing booking company BookMyShow is the most dominating entertainment and movie ticketing platform which allows individuals to choose the films that play in their local theatres.
Last month, it claimed to have recorded 6X jump in selling a massive 52 million movie as well as event tickets in 2017.
The funding news was first reported by ET.