Forty-five-year old Kanika Subbiah, who is married to Vellayan Subbiah of Murugappa group, has started a new venture that allows you to give and receive wedding gifts. The four-month-old start-up, weddingwishlist.com, has raised Rs 2 crore from investors such as Facebook India Managing Director Kirthiga Reddy, Multiples Equity founder Renuka Ramanath and CherryTin, among others.
The company also has plans to raise the next set of funding later this year.
Subbiah is a member of the Murugappa family, which doesn't have too many women members in the Rs 30,000 crore business group. Her husband is the Managing Director of Cholamandalam Investment and Finance Company Ltd, the group's NBFC arm.
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One can make a Wishlist and share the gift preferences with their near and dear ones, so every gift is well-appreciated and serves a purpose, she says.
It is a new way for prospective couples to receive everything they need to start their new home. The couple makes a wishlist of gifts they would like, and share it with guests they feel comfortable with, including friends, family and colleagues. Gifts chosen by the couple typically range in prices, so that guests can buy any gift from the couple's wishlist that fits into their budget.
Guests can even give a gift as a group. This way, the couple receives gifts that are relevant to their married life. And guests can be certain that their gift is meaningful and cherished by the couple. Overall, it reduces waste, discourages recycling of gifts, and ensures that the considerable money spent on gifts is spent well, she added.
The idea was born when a friend shared her experience of receiving irrelevant and duplicate gifts at her wedding, an experience most newlyweds in India will relate to.
The concept in itself is the biggest USP and driving force, considering there has been no attempt in the wedding gifting space in India so far, says Subbiah.
India celebrates as many as 10 million weddings per year, and spends a conservative Rs 2 lakh on average on gifts for the couple. That's an an annual spend of Rs 2 lakh crore. Surveys conducted with couples and their families indicate that 90 per cent of non-cash gifts given at weddings are useless and therefore wasted -- an estimated Rs 90,000 crore.
"Owing to the fact that this is a niche sector in India. WeddingWishlist.com is a pioneering concept of wedding registry in Indian market," said Subbiah.
The start-up follows the marketplace model, wherein each service is provided by a unique vendor, but transactions are made by the marketplace operator achieved through brand partners (in this case Wedding Wishlist). The company works on commissions with each one of its partners.
WeddingWishlist.com has a team strength of 20.
"Our goal for the first year would be to reach a milestone of 500 wishlists" said Subbiah.
Currently the start-up offers services across cities like Pune, Chandigarh, Ahmedabad, Mumbai, New Delhi, Kolkata, Bengaluru, Chennai, Hyderabad, Ludhiana and Amristar.
The company is focusing on scaling its operations pan–India and also plans to launch its mobile app in the next few months.
It also working towards collaborating with charitable institutions where, couples who do not wish to accept gifts have an opportunity to encourage their guests to donate towards a charitable cause close to their heart.
The company also plans to rope in new partner collaborations across categories including ‘Products’ & Experiences’. Travel getaways and honeymoons tailormade for the couple by travel experts is the perfect example of experience expansion at weddingwishlist.