Easter Egg, an online Gifting startup has raised Rs 2.7 Crore ($400K) from Singapore Based Wealthy Ideas. The startup services are protected by blockchain technology which transports gifts throughout the globe.
The Bangalore-based startup was founded in December 2015 by IT professionals Sandeep Sangli, Akshay Ananth, Arpita Bahuguna and Ajith Chandran. Easter Egg is a global gifting platform that enables people to gift their families and friends anywhere in the world. It operates from cities like Bangalore, Pune and Singapore. Easter Egg application is available in both Android and iOS platforms.
Easter Egg provides gifting in four categories which are Food and Beverages, Spa & Wellness, Activities and Experiences.
On the investment, Sandeep Sangli Co-Founder and CEO, Easter Egg, said, “It’s overwhelming to see the way people have taken to Easter Egg App in Bangalore, Pune and Singapore. This funding will help us take the products to other geographies as well. Apart from the core team; we also require a lot of talent to take this idea far and wide. This funding has come at the right moment and we’ll use it to hire great talent.”
The Easter Egg’s blockchain is powered by Easter Egg coins or tokens, which are used as vouchers which will help to handle payments. The procedure can also be shifted into other tokens that helps their partners manage their own loyalty programs on their platform at costs that are far cheaper than outgoing solutions.
Speaking on the blockchain process, Mr Sandeep told “The advent of blockchain technology has helped us rethink the way we look at gifting, loyalty and rewards. Loyalty points and wallet companies typically handle this. We are working on a solution that will bring vouchers, loyalty points and payments, all on one single platform.”
The Current Market Scenario Of Online Gifting Portal, India
Gifting Industry in India is set to create a boom on it own. Indian gifting market is estimated $30 Billion out of which $400 Million are of online aggregators. The gifting portal in India is divided into three different categories which are Festival Gifting ($7.5billion), Personal Gifting ($20billion) and Corporate Gifting ($2.5billion).
The largest player in the online gifting industry is IGP.com. IGP.com provides customised and curated products and the facility of last minute gifting provision.
Easter Egg will be competing with other established online gifting websites like IndiaGift, Archies Online, GiftCart and others. Recently, e-Commerce marketplace like Amazon, Flipkart, SnapDeal etc are delivering ‘Gift Wrapped’ products. This may cause serious competition for other online gifting websites.
The startup will use its freshly raised funds in exploring the products and hiring the new talents.
Read on other startups which got Seed Funding