Back News / Weddingz.in raises undisclosed funding from Sixth Sense Ventures
Weddingz.in raises undisclosed funding from Sixth Sense VenturesFebruary 9, 2016
Online marketplace for wedding vendors and services, Weddingz.in, has raised an undisclosed sum from consumer-focused venture capital firm Sixth Sense Ventures, the second such funding raised by the company in less than two months. Proceeds from the pre-Series A round will be used by the year-old Mumbai-based startup towards technology and automation and team expansion, according to an official statement issued by the company on Monday. “We are also looking at getting into newer categories like décor, honeymoon packages, and enhance our customers experience by technology development like making virtual tours of venues on the website possible,” said Sandeep Lodha, founder and chief executive of Weddingz.in. The startup, which claims to be the largest warehouse of wedding service providers, had raised about $1 million in angel funding from a group angel investors, led by Ambit Capital in December last year. Weddingz.in allows consumers to check availability and shortlist venues by themselves or get assistance from Weddingz.in relationship managers. They can also book services at guaranteed best prices, as well as destination weddings through the platform. The startup has also tied up with over 150 designer labels, such as Ritu Kumar and Neeta Lulla, as well as with jewellery brands like Gehna Jewellers and Tanishq, the press release said.
“Convenience of a one-stop shop for all wedding related services “at the best rates”, makes Weddingz.in an ideal platform for couples.Further sophistication and transparency to all stakeholders, disrupts the way the industry is structured,” said Swati Mehra, partner – Investments at Sixth Sense Ventures. According to Mehra, the VC fund’s investment in Weddingz.in, is the fifth such made by it, having also backed retail chain for luxury watches Ethos, roadside assistance company CrossRoads, hyper-local logistics startup Grab, and oral care company JHS Svendgard Launched by former IDFC Securities Managing Director Nikhil Vora in 2014, Sixth Sense Ventures, which is raising a Rs 250 crore fund has an investment focus on non-infrastructure and non-financial service ventures. Weddings.in is currently in 10 cities across the country, and plans to expand across the top 20 cities in India by the end of 2016, and the top 100 by the end of 2017, the press release said. The company also claims to organise more than 150 weddings every month. “The wedding industry in India is pegged at $40 billion, with 10 million weddings taking place annually. The market is growing at 25% per year. However, it remains to be extremely fragmented with 100,000 vendors in top 20 cities. Weddingz.in aims to fill an obvious gap in the fragmented weddings and events industry – that of finding the right vendor at the right price,” Lodha, who is also a Wharton alumni, said.