Malaysian wedding solutions platform Nikahsatu has raised seed funding from Silicon Valley-based venture capital firm 500 Startups, state news agency Bernama reported on Wednesday (Oct 7).
Nikahsatu did not disclose the amount raised.
The three-year-old company enables customers to shop online for wedding solutions, including invitation cards, RSVP management, food catering, makeup artists, and financing. The company targets the Malaysian and Singapore market. It recently introduced a digital card that allows guests to send cash gifts to the bride and groom.
The VC funding will help the company provide full wedding categories in more cities and towns in Malaysia, that will help increase average transaction value over the next twelve months, reported Bernama citing Nikahsatu co-founder Rushdi Razif.
Razif cited current gaps in “quality affordable wedding solutions in second-tier cities” and for lower-income customers.
Nikahsatu claims a seven-figure annualised revenue in US dollar terms in February, before Malaysia went into pandemic lockdown.
Bernama quoted 500 Startups’ Malaysia Managing Partner Khailee Ng as saying that he sees Nikahsatu as a “captive e-commerce and fintech business that has in-built viral user acquisition”.
"The cost of scaling and the margins they can retain is impressive. They don’t need much venture capital to get to $100 million revenues at all,” Bernama quoted Ng as saying.
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