Every year, there are close to 11 million weddings that take place in India and the booming wedding market is estimated to be worth around $48 billion (as per FY17-18). Further, it continues to grow at 30 per cent year-on-year. It is this market that the city-based start-up Wedding Wishlist, a wedding registry portal is keen on tapping.
The enterprise has positioned itself as a platform for couples who are keen on minimising waste (read unnecessary gifts) on their wedding. Using a wedding gift registry, couples can create a list of gifts they want, and guests can purchase from it – or even contribute to any item or experience, maybe a honeymoon or a vacation and even charities on the wish list as per one’s budget.
Speaking about the genesis of this venture, Kanika Subbiah, the founder of the company, who previously started the corporate gifting solutions firm CherryTin, says, “The Indian wedding market is evolving, and the Tamil Nadu market is a microcosm of that. As people are now starting to look at the notion of wedding logistics practically, the reliance on technology has become significant. Our main idea was to cut down the logistical hassle of gifting for weddings. Millennial couples are of course frontrunners in the adoption of services such as gift registries. We have Indianised the value proposition and built an entire tech platform around the gift registry with add-ons like digital and video invites, wedding websites, etc.”
In 2016, the company had raised a seed round of funding with CherryTin (of Rs 2 cr) and another Rs 2 cr in a bridge round. But the company has been a bootstrapped entity with its own earnings sustaining it.
On the partners the company has tied up with, Kanika says, “We have been collaborating with Urban Ladder, Pepperfry and Fabindia over the past two and a half years since we have started. We also have tied up with holiday and travel companies apart from art galleries as well, which is a favourite among our users. Our marketing focus happens to be urban markets, but now we are seeing traction from smaller cities like Coimbatore, Erode, Chandigarh, Ahmedabad and Surat.”
- 11 mn weddings per year
- 30% weddings with spends exceeding Rs 10 lakh
- 80% of the market comprises millennials
- 2.4 mn weddings a year, where Rs 2 lakh is spent on gifts per wedding
- 80% gifts to couples are wasted
- Rs 38,000 cr or $5.4 bn is the market potential for a Wedding Registry
- 3 mn weddings per year is where Wedding Wishlist sees its target segment