New Delhi [India], August 17 (ANI/Mediawire): Touchwood Entertainment Limited (NSE; TOUCHWOOD), India's leading event management company, announced a fresh round of funding for its two new tech ventures; MakeMeUp andWedAdvisor.
In the meeting of Board of Directors held on August 6, 2021, the Board discussed, deliberated and took on record the induction of new investors. The two ventures, MakeMeUp andWedAdvisor, mark the group's entry into the technology domain. MakeMeUp is India's first one-stop solution for getting the best beauty products, booking salon and makeup services in real-time, and hiring the best make-up artist with just a click on your phone. On the other hand, Wed Advisor aims to streamline the disorganized wedding market by connecting vendors (located anywhere in India) to customers. It allows vendors to showcase their offerings and boost their reach. For customers, it is an aone-stop solution, where they get all wedding-related services on one app.
According to Manjit Singh, Managing Director of the Company ' The consumers today are a lot more tech-savvy and are used to buying services off their mobile. What we offer to consumers is unique and no other platform offers all these services in one app.' The new investors bring not just fresh capital, but they have the expertise and experience to act as mentors to these new ventures. (List of the new investors and their brief profile is attached with this press release).
Though the event management business was impacted adversely due to the pandemic, Touchwoodhas been on a growth path, with the launch of these consumer-facing, tech-enabled businesses. 'We have very quickly transitioned from a services centric group to a tech-centric group. In the days to come, expect more technology innovations from us' said Vijay Arora, Whole -Time Director of the Company.
'Technological developments are the need of the hour, the pandemic had us all under its control and tamed, and the digital world kept going, hence we devised a beauty app to meet customer requirements and provide top notch services at the click of a button! We're extremely optimistic about our upcoming app, and to be the best beauty service & e commerce provider of the country.' said Kanika Arora, Head of MakeMeUp.
'The wedding and events industry is growing and expanding each moment thus a lot of new players/vendors and service providers are entering the domain every day. Looking at this, a tech enabled platform for reviews and ratings of every stake holder in the trade became a necessity, and as we all know necessity engenders innovation that eventually led to WedAdvisor. This will be the largest digital review and rating platform for the consumers across the world in the coming years.' said Shrey Khandelwal, Heading WedAdvisor.
Tech investor, Rohan Joseph, added "With technology and e-commerce on the rise, and with millions of Indians now developing a habit of purchasing beauty products and services online, we are confident that Touchwood will delight new audiences in India with the upcoming launch of its new platforms. The launch of MakeMeUp and WedAdvisor brands will transform Touchwood to become a technology-driven enterprise with a direct-to-consumer business."
Various leading investors as mentioned below came forward to fund the homegrown consumer-centrictech-driven ventures, MakeMeUp and WedAdvisor
Rohan Joseph: Rohan Joseph is a proficient technology investor and currently the Vice President of Global Investments & Corporate at Times Bridge, the arm of the global investment of The TimesGroup. He has invested and partnered with leading technology, media and entertainment companiesin India and US. His portfolio of investments includes Uber (NYSE: UBER), Airbnb (NASDAQ: ABNB),Coursera (NYSE: COUR), Houzz, MUBI, Smule, Headspace among others.
Eternity Trust: Formed by the members of Joseph Family, it is a Private Family Trust headed by Sabbas Joseph, who heads the Wizcraft International Entertainment Pvt. Ltd., a leader in the Event Management Industry. He is well known for his communication expertise and command over media as he began his career as a journalist.
Touchwood at a Glance:
Headquartered in Delhi, Touchwood Entertainment Limited, established in 1997, specializes in a variety of event facilities, ranging from event planning & marketing to production services for the events.
Touchwood is known for its larger than life, awe-inspiring setups and formats and completely personalized service to clients. It provides end-to-end solutions for all kinds of events - be it corporate, social or political. Touchwood team is comprised of 42 professionals with a fully developed and functional in-house production facility. It has a panel of skilled craftsmen and band of highly qualified designers add the extra edge to its deliverables
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