Wow Venue is a comprehensive online platform offering hassle-free venue booking solution for 2000+ venues across 12+ countries, for weddings, corporate, social and MICE events. In line with its ambitious growth plans, the company recently raised funding of USD 1.5 million that will be strategically used for growth and expansion of the brand.
In 2019, Wow Venue also plans to venture into the tourism sector with the launch of a unique digital platform for air ticketing, hotel booking, and customised holiday packages worldwide.
The funding from strategic investor Pranav Pathak offers the company a much-needed boost to focus on long-term growth plans, including MICE portfolios. Further, guided by Sangram Baviskar, Chief Business Officer, Reliance Capital and Advisor-Finance for Wow Venue, the funds will be instrumental in brand building, marketing, hiring skilled resources.
They will also be used to further strengthen the technological framework to offer comprehensive MICE solutions to corporates, including hotel and venue bookings, complete land services, logistics, sightseeing options, event planning and production, execution and manpower sourcing. Wow Venue will also be investing in exclusive tie-ups with premium hotels and cruises globally, in order to offer their clientele the ‘Wow’ experience.
Speaking about their long-term growth plans, Ankit Agarwal, Co-Founder and Director, Wow Venue said, “The events and activations industry in India is currently growing at a CAGR of 16% and is expected to cross the INR 10,000 crore mark by 2020-21. The global MICE industry is expected to grow at a CAGR of 7.5% to reach $1,245 billion by 2023. However, India has a minuscule market share of the global pie, leaving behind a highly unexplored industry with enormous potential. Leveraging our existing position as a premium venue booking and event management company, we look forward to creating a strong brand presence for Wow Venue, both in Indian and International markets.”
Speaking about his decision to invest in the two-year-old start-up, Pathak added, “Despite the huge market size of the events and activation industry, the segment remains largely unorganised. Wow Venue, through its digital platform, has taken a significant step in organising the Indian event industry that boasts of a keen insight into global trends and a restlessness to excel – ingredients that have been instrumental in their accelerated growth rate since the inception. I am simply “Wowed” to be a part of this journey and believe it to be a great one!”
Wow Venue was founded by Ganesh Rai in 2016.