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Badhai.in Secures Private Funding Of $ 200,000
Badhai.in, a unique online voucher gifting platform owned & operated by eInsignia Infosoft Private Limited has managed to get funding of US$ 200,000 (Rs. 1 Crore) from private investors.
Launched merely 2 months back, the site offers multi-brand eVoucher service. It provides redeemable vouchers that can be easily traded in physical stores for the merchandise one desires. Similar to cash-cards offered by various banks, these vouchers target corporate offices who want to offer something unique, but trade-able, to their employees.
The site gets about six transactions per day & about 25 unique registrations without spending anything on dedicated marketing. The company will utilize the funds to bolster marketing & Public Relations spending. The site also needs to enhance its brand image, since it has not managed to get significant number of stores to accept its e-vouchers. Many online companies are now routinely employing the traditional route of mass advertising to jack up their sales. Badhai.in has still not clarified which techniques it will use to spread their brand & utility message.
Gifting vouchers has still not attracted enough attention in the corporate world. If the company can convince big organizations to choose their eVouchers instead of traditional gifts, they could witness a healthy adoption rate. A while back, banks like State Bank Of India (SBI) had come up with virtual debit cards that worked only once. Hence, in essence, they were a lot similar to what Badhai is offering. However, Badhai seems to have landed itself a very niche offering if it can manage to package its product & offer lucrative discounts for people who opt for this service.
Sites like Groupon operate on similar patterns. Additionally many companies are now offering vouchers via mobiles & email. Will the start-up gain more traction if it can partner with other companies like Snapdeal which is anyways looking to shed its ‘Deals Only’ image & bring in newer products?
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