1. Brief us about your business model like how did the idea came to start and how does it work (step by step procedure)?
We work on a commission model with our vendors, providing them a medium to get bookings, customer communications and managing availability. Also, we have an in-house team of decorators where we are the complete service providers of the experience.
Initially, we planned to start a Zomato-like listing of Things to Do in NCR and during our research we found out that the city lacked much for things which couples could do together. Hence, we started with Candlelight Dinners & Activities for couples. Later, we found a huge gap in the celebrations market where except for Cakes & Bouquets not much was being done. Surprises were missing completely. We brought the surprise element in with our unique offerings like Decorations at Home / Bedroom, Guitarist at your home singing your partner’s favourite song, Proposing while your partner is in the air doing Paramotoring and you have a huge Marry Me ? written on the ground for them to see from the skies, Digital Surprises during the pandemic as you can’t step out etc.
2. What are the unique key points of your company?
Our unique key point is we provide hassle free end to end execution. If one wants to go out on a candlelight dinner, require a movie setup at the place and let’s say a cake and a guitarist then one need not have to engage with 4-5 different vendors while trying to celebrate. One can book it from the app (we also have an availability system, so that one doesn't get last minute shocks that the place is sold out or a table is not available or a decorator can’t come). We even make the customizations possible while making the booking.
3. How are you different from the existing competitors?
Curation & Service Quality Process is what makes us different from our competitors. We work with our vendors and standardize the process and material being used so that we can deliver an exceptional experience every time. We provide unique, fresh and curated, transparent pricing and ease of booking.
4.What is the funding status and monetization model?
We have raised a seed round of funding.
5. What challenges are you facing in running your business?
There are two problems we are facing in scaling the business -
●Personalised Celebration - All celebrations need to be personalised since they are special for someone or some event. Scaling a business which has a lot of personalisation needs to have a delicate balance of Tech and Human touch and we are still trying to find the perfect balance.
●Partner service quality - Since we are working with lots of vendors, standardizing the whole experience, end product quality and the service is a major task which we are striving to improve each day.
6. How has been the people's response so far?
People have realized the need to celebrate their special occasions and with high disposable income with the middle class they want to do things differently. Regular gifting just doesn't cut it anymore.
Also due to Instagram and other social media channels, there is a pressure on people to make their loved ones feel more special and give something which can then show off on these channels. Overall, there is a surge in demand for unique gifts, surprises and experiences. This is growing rapidly.
Since people are trying to avoid moving out, we are trying our best to provide a lot of services for celebrations at the comfort of your home. Like digital surprises, guitarist on a video call, personal radio show, celebrity wishes, decorations at home, DIY Kits.
7. What are the traction details (like users, app downloads & other achievements of the company)?
We have helped close to 5 million people celebrate with us over the years. With an average ticket size of ~3000 there is something for everyone!
8. How do you look at expansion?
We aim to increase Delivery Centres in Delhi NCR & improve technology to handle scale.
Also, we target to be serviceable in new cities like Mumbai, Hyderabad, Chennai. We have plans to increase depth in decorations product lines like Pre-wedding functions, First Night, Decorations, Bachelorette parties etc.
9. What are your marketing plans?
CherishX is highly driven by word of mouth activities and we try to provide the best services every time so that our customers spread the word! A startup like us with so many interesting and Instagram worthy celebrations cannot stay away from social media. We actively run our Facebook, Instagram pages and work on our blogs and YouTube channel as well. For inorganic marketing - We are running ads on Google, Facebook and Instagram also.
10. What has been the biggest learning so far?
Customer focused business is the only thing that survives and thrives. Our customers have given us a lot of repeat sales and helped with word of mouth sales. Some of our best-selling products have also been suggested by our customers. We have always kept our eyes and ears open to our customers' feedback, complaints and suggestions and have tried to go out of our way to arrange new experiences for them.
11. What is the market size and opportunity?
We believe the Gifting and Experience Market size is close to 10$ Billion. But it is highly fragmented into different categories and there are a lot of unorganized players as well. We are looking to just capture a part of the dining, decorations and surprises market which we consider to be around a $1 Billion.