Weddingz.in revenue, bookings zoom after OYO buyout
Mumbai-based Weddingz.in, an online marketplace for wedding venues and vendors, has reported a 480% growth in revenue after it was acquired by Oravel Stays, which runs hospitality unicorn OYO Hotels and Homes, in August 2018.
The startup has also witnessed 636% growth in bookings, an official statement said.
The online marketplace serves as a platform for curated vendors like wedding planners, make-up artists, disc jockeys, choreographers and caterers. It also provides access to services like banquet rentals and transport services.
Weddingz.in manages over 750 wedding venues in more than 30 cities across India, an official statement said. The startup claims to be the largest wedding company in India and a one-stop solution for wedding planning.
“Since joining forces with OYO, we have witnessed dramatic growth in supply, which is one of our key drivers to growth. Today, our full inventory venues are managing over 3,500 events, end to end, per month. We plan to tap the enormous opportunity the wedding industry offers and expand in India while being committed to our mission of simplifying wedding planning for Indians and adding value to our venues and partners,” said Sandeep Lodha, chief executive officer, Weddingz.in.
Weddingz.in was launched in January 2015 as a part of L-Fast Brands by Lodha, a Wharton alumnus who served as executive director for consumer products at The Walt Disney Company.
OYO Hotels and Homes acquired Weddingz.in for an undisclosed amount in 2018. As part of the acquisition, the 200-member team at Weddingz.in joined OYO.
In January 2017, TechCircle reported that Weddingz.in raised $1 million in a funding round led by seed-stage investment firm Singularity Ventures. Early-stage venture capital firm Sixth Sense Ventures also participated in the round.
In 2015, the startup raised around $1 million in funding from a clutch of angel investors including Rajan Anandan, former MD of Google India and film-maker Zoya Akhtar. Wealth management company Ambit Private Wealth helped the startup secure funding from angel investors.