Media conglomerate NDTV’s new venture Special Occasion Ltd, an online wedding and festival planning platform, has raised $20 million in a funding round led by US-based venture capital firm CerraCap Ventures, according to a stock market disclosure.
The funds will be used to kick-start the new venture, which also marks foray of NDTV into the online wedding market space.
NDTV also announced the appointment of Sachin Singhal as the CEO of Special Occasion. Singhal has about 10 years of experience in the startups space and was also instrumental in setting and scaling up of online portal naaptol.com. He started his career with IT firm Tata Consultancy Services.
“The wedding industry in India is a $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. Special Occasions has the right team, vision and platform to enable this disruption and be a leader in this space,” said Saurabh Suri, managing partner of CerraCap Ventures.
“This investment is a validation of our digital strategy. We have been able to demonstrate our capability with indianroots.com, gadget360.com, carandbike.com, all of which have seen keen investor interest. Weddings is yet another business where we already have a high brand recall through our marquee shows in the wedding space. We are confident that with CerraCap’s investments, we will be able to roll the latest of the NDTV ecommerce ventures, successfully,” said Vikram Chandra, Group CEO, NDTV.
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