Events equipment and services marketplace Tosshead has announced that it has raised $3 million in its seed funding round from a bunch of high net-worth individuals, based out of the USA.
Further, the company has announced that it has also partnered with OYO, India’s largest hotel booking platform, for banquet hall bookings, so that customers can now book banquet halls for events through the platform.
Currently operational in Bengaluru, the startup says that it will use the money to expand its services to other major cities including Delhi, Mumbai, Chennai Hyderabad in a span of 6 to 12 months. It is planning expansion to other metropolitan and major Indian cities, including Delhi, Mumbai, Chennai, and Hyderabad. Part of the fund will also be used to scale up its technology offering.
In a statement, Shank K Vasudev, Founder of Tosshead, said,
The events industry in India is expected to surpass the Rs 10,000 crore mark in two years. Our aim is to move the industry from the unorganised to the organised sector.
Tosshead, which began operations last month, allows users to book events including event packages and equipment online. The startup also provides services on rent such as sound, stage, lights, LED display, photography, videography, anchoring/emceeing, DJ, and manpower.
The company claims to have already organised 75 events and has over 200 more in the pipeline at present. Over 75% of its revenue is generated from individual customers (business-to-consumer) currently while it has on-boarded about 120 institutional customers (business-to-business) such as hotels and event management companies.
According to a report from Event and Entertainment Management Association, the industry was at Rs 5,631 crore in 2016-17, and has been growing at 16 percent CAGR, overtaking the Indian media and entertainment (M&E) industry.
