Poojai raised $1 million in funding from billionaire venture capital
- ByStartupStory | September 28, 2022
Poojai, an early-stage startup selling religious goods, announced that it has secured funding of $! Million from a group of investors headed by Billionaire Venture Capital. The Chennai-based business will utilize the money to expand its platform, expand its team, and attract more customers.
The funding will improve Poojai’s platform capabilities, employ skilled personnel, and grow the company’s customer base.
Poojai was founded by one of the youngest startup founders in India, Sresht Kalanjiam, with a vision of blending technology with tradition. Poojai, a division of Rudra Retail Private Limited, caters to what it calls the “spiritual essentials market.” The company predicts a 10% compound annual growth rate for this sector, which it estimates to reach $44 billion in India. The company claims that all of its goods are manufactured by women in rural areas in their own homes. Sresht Kalanjiam, one of the youngest business leaders in India, created Poojai.
“The scope of the spiritual goods market is immense and is expected to expand at a CAGR of 10 percent making it the fastest-growing business after the IT sector in India. This also offers incredible export prospects for us with enormous upside potential, and investors are eager to invest there. And with spiritual tourism booming in India, there’s no turning back,” said Sresht Kalanjiam.
As of right now, the spiritual market in India is dominated by the south. The increasing interest in high-quality spiritual products for various therapeutic, religious, and spiritual purposes is the primary factor propelling the market forward. The growing popularity of Indian spiritual practices like yoga and meditation in the West, especially in the United States, Canada, and European countries, is a key factor propelling the demand for Indian-made Pooja items.
Follow Startup Story
Related Posts
