How Indian Startups Are Disrupting Wedding Industry
India is undeniably the hottest market when it comes to wedding planning, and the fact that it's going to become the youngest country in the world with a median age of 29 by 2020, makes Indian wedding industry more desirable to startups and investors now than ever before.
With a rising level of education and awareness, youngsters are turning away from traditional marriages and preferring to give their 'big day' a personalized touch by integrating their interests & love stories into themes, food, and decor.
Destination weddings, with a touch of modernization, minimalist silhouettes, retro drapes, eye-catching accessories and artisans' products, are slowly replacing good old 'wedding hall' marriages. Names on guest lists are declining, but the cost per place is rising. It won't be wrong to say that uncles and aunts are being replaced by wedding startups, event planners, and bridesmaids.
Various market reports claim that in India over 10-12 million weddings take place every year, and most of them cost between 5 lakh to 5 crores which makes it a multi-billion dollar industry. An average person in India is believed to spend almost 30% of his life savings on wedding ceremonies. With so much money on the plate, it's coherent for startups to explore business opportunities in the wedding industry.
How Indian Startups Are Changing The Game
The wedding is probably the biggest and most grandiose event for people, and that's why they try their best to make it as memorable as possible. Over the last few years, the ratio of couples taking part in the wedding arrangements in order to give them personalize look has increased significantly. With all their knowledge and awareness, they tend to keep things gladdening and hassle-free by involving a wedding planner right from day one.
Anand Shahani, Co-founder, WedMeGood, says that the seasonality in Indian weddings is coming down at a rapid pace, making it a round-the-year industry. His company is a marriage portal that allows users to check out the photographs of recently married couples and the vendors that they hired for wedding arrangements. At present, it operates in more than 50 cities in India and soon plans to open offices in US, Dubai, and the Far East. WedMeGood is targeting 100 crores in revenue by 2020.
Another young entrepreneur Nirdesh Singh, Founder, Fashion Buzzer, says that whenever a family function is about to take place, ladies shop for new apparel and jewelry. They don't mind spending huge money for quality products. In today's time, startups can create an additional revenue stream by enabling them to shop for their favorite accessories or designer clothes right from the comfort of their homes.
Amrita Kar, Co-founder, Poori Shaadi, says that the biggest issue in a wedding is finding the right vendor in the right budget. It may not be a problem for those who a have a high budget, but for those who want to organize a decent wedding function in a limited budget face many challenges. That's where a wedding planner can come in handy.
As compared to the 20th century, today people have more resources, money, and awareness. For them, wedding isn't the only day to surprise loved ones and create everlasting memories. Right from birthdays to mother's day, father's day, daughter's day, and anniversaries, they keep looking for various opportunities to express their emotions for their loved ones. Startups like MayaFlowers help people in making these days special. It lets people gift flower bouquets to their loved ones in any part of the country. With MayaFlowers you don't have to travel all the way from your residence to your loved one's house to express your feelings with beautiful roses and chocolates. You can simply book your order from the comfort of your home and MayaFlowers will take care of the rest.
It's not about these big names anymore. With a whopping 25-30% annual growth, the wedding market has ample opportunities for everyone who is willing to go the extra mile. That's the reason investors find it risk-free, and don't mind backing up young startups.
Number Game & Investors' Approach Towards Wedding Startups
Most of the investors find Indian weddings a 'recession-proof' industry and don't mind funding those startups that are on the right track. As far as the number game goes - recently WedMeGood raised a whopping amount of Rs. 2.7 crore in seed funding from Alok Mittal and Hemant Kanakia of Indian Angel Network (IAN).
Another wedding startup ShaadiSaga raised undisclosed amount from Outbox Ventures while Weddingz.in got funding from Sixth Sense ventures. AppilyEver has already made it large by raising $400,000 from angel investors. MarryInAWeek is another name in the list that raised over Rs. 1.5 crores in seed funding recently and now plan to raise more funds in order to expand operations.
The list can go on and on as startups are getting ample funds from investors to help youngsters getting married in a special way.
Still worried about your wedding and how'll things fall in line? Just Relax! With an extensive list of cutting-edge startups present in the market, you don't have to worry about anything for your big day. Just Google them out, compare their services, book your order and get everything served at your door-step. Trust me, getting married in India was never this easy.