Yathes is a gift registry portal targeting the South Indian market. It aims to provide a one-stop solution for management of events like weddings by streamlining the various tasks involved such as gifting and sending invitations.
The core team at Yathes consists of Raj Kumar, Sathish Kumar, and Bala Murugan. Raj has worked for more than 17 years leading international teams for some of the well-known brands in North America. Sathish has worked with top retail brands in the U.S. for more than 13 years. Bala has a post graduate degree from IIT Chennai and has a strong technical background.
The idea for Yathes was born during a family wedding in 2009 when the host received five sets of clocks and teddy bears that he would never be using. In India where more than a million weddings take place every year, the gift registry market is not as mature as in the West. There are a couple of startups such as ShareUrJoy.com, indiagiftregistry.com, and clusiv.in that focus on weddings in North India but none in South India. Envisioned in 2012, the site was built and launched in 2013 to address the untapped South Indian market. The site has attracted about 100 customers since its launch.
Yathes not only provides a gift registry service but also a communication and collaboration tool. The tool helps the hosts share their printed invitations, post their events in social media channels, send reminders, and build their wish list. For the guests, it provides gifting ideas, allows them to see the host’s wish list, and buy or reserve gifts.
The primary source of their revenue is through retail e-commerce. Additional revenue sources are generated through advertisements and affiliate programs. The Yathes online store has a collection of more than 400 products including electronic gadgets, home appliances, honeymoon packages, furniture, bags, watches, and perfumes from popular local and national brands. The price ranges from 100 rupees to 100,000 rupees. They currently deliver in only Chennai but expect their supply chain strategy design model can help them cater to other cities and states as well.
The initial focus for Yathes is to target the Chennai market followed by Tamil Nadu and then South India. The prime target for Yathes is the young adult in the age group of 18 to 30 years.
The idea of gift registry service is catching up in India, especially due to a rising number of young adults who have studied abroad. According to their market research, there are approximately 400 million young adults under the age of 30. An average middle class family spends between 0.5 million and 1.5 million rupees (approximately $30,000) on a wedding. Weddings generate $30 billion every year in India and the rather recession-proof market is poised to grow 20% to 30% per year.
Yathes is looking at associating with event planners, wedding halls, builders, and other players in the event ecosystem. They are also using social media channels for more traction. They have enhanced their product portfolio and supply chain, based on the feedback from customers.
Sathish Kumar says they are looking for mentors who can help them expand Yathes and provide funding opportunities.
This segment is a part in the series : The 1M/1M Incubation Radar 2014