The funding, which came from CerraCap Ventures, values Special Occasions at US$20 million
Indian broadcaster NDTV’s forthcoming online wedding and festival platform, Special Occasions, has raised an undisclosed amount in funding from US-based VC fund CerraCap Ventures at US$20 million valuation, as per an official statement.
Special Occasions aims to provide end-to-end solutions for the wedding and festival space.
“The wedding business in India is growing at huge 20 per cent year on year. There are 10 million weddings every year in India and this is a massive opportunity. Not just weddings, festival spending is also huge and this platform will be the go-to destination when you are getting married or attending a wedding or celebrating any special occasion,” Smeeta Chakrabarti, President (Revenue) at NDTV Group, said.
“The wedding industry in India is a US$40 billion market which is highly disorganised and has operated the same way for decades. With India’s growing tech savvy populous, this market is ripe for disruption,” said Saurabh Suri, Managing Partner CerraCap Ventures.
Known for its news channels and websites, NDTV also has online presence through Indianroots.com, Gadget360.com, carandbike.com. With the launch of Special Occasions, the firm is trying to establish itself more firmly in the digital and e-commerce space.
NDTV has also roped in Sachin Singhal as CEO of Special Occasion. Singhal has 10 years of experience and has been instrumental in setting and scaling up leading brands such as Naaptol.com and Letsbuy.com.
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