HappilyUnmarried, a Delhi-based online gifting website, has raised $740K (INR 5 Crore) in an all stock deal from Info Edge, said company in a BSE filing. This leads to firms total investment in the startup to INR 213 Mn, raising its stake to 48% in the company.
Earlier in 2014, it also raised INR 4 Cr. and in November 2012 INR 5 Cr. from Infoedge. The company is said to be valued at $10.5 Mn.
Happily Unmarried is engaged in the business of sale of fun quirky India-centric designs across gifting categories such as apparel, glassware, travel accessories, office, and stationery. It was launched in 2003 by alumni of Mudra Institute of Communications (MICA), Ahmedabad, viz. Rahul Anand and Rajat Tuli.
The company also organises music festivals and works with corporate houses for projects involving branding, communication, interiors, and marketing – all rolled into one. The products featured on the company’s website include ashtrays, bags, beer glasses, cards & posters, cushions, glasses, key chains, tee shirts, and wall clocks.
Other players in this space include Chumbak, Quirk Box and Shoptosurprise. Recent investments of Info Edge includes Diro Labs, Unnati Helper, and Rare Media.
The online gifting market in India is estimated at $40-42 Bn, with many players reporting annual growth in the range of 20-40%.