Malaysia-based startup Nikahsatu has raised an undisclosed amount of seed funding from 500 Startups, according to Utusan Malaysia.
“The funding will help us increase the average transaction value over the next 12 months by providing full wedding categories on a single platform to as many cities and towns,” Rushdi Razif, co-founder of Nikahsatu, said.
Founded in 2017, Nikahsatu is an all-in-one wedding solutions platform which also provides marriage financing solutions, and is particularly focussed in the Malaysian and Singapore market. The goal of the company is to provide quality and affordable solutions to underserved segments.
Recently the company launched a digital card through which guests can send cash gifts to the bride and groom.
Also Read: Tokopedia buys wedding directory BrideStory and children activity platform ParentStory
The company claims to have recorded a seven-figure annualised revenue in dollars terms and says that it has grown 2.4 times in February (pre-lockdown) despite the COVID-19 pandemic slowing down wedding industries.
That being said, the company definitely has plenty of competition in the Malaysian market from companies such as Bridalgram.
What makes Nikahsatu different is its mission of providing high-quality wedding services digitally to smaller town brides with below 40 per cent of income.
500 Startups Managing Partner Khailee Ng said that he did not see Nikahsatu as a wedding business, but rather as “a captive e-commerce and fintech business that has in-built viral user acquisition.”
“The cost of scaling and the margins they can retain is impressive. They don’t need much venture capital to get to US$100 million revenues at all,” he added.
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Image Credit: Drew Coffman
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