Mumbai-based Onspon.com, an event-brand partnership platform, has raised $150K (INR 1 Cr) in angel funding from Indore’s Swan Angel Network.
Founded by Hitesh Gossain, Onspon offers a tech platform to help brands find sponsors and help create a profitable and well managed event. It connects brands with event organisers through an algorithm based on the demographic data of audience, geography, targets of brands and marketing budgets of brands.
Hitesh Gossain, founder of Onspon, said, “There are several startups and new-age brands that require associations and synergies to attain a product/market fit and scale. Also, there is no revenue source for events in India apart from ticketing. However, the cost associated with creating high quality events are plenty and are growing by day. Hence the net result being diminishing returns in the event business, leading to shortage of quality events and the dispersed nature of the industry.”
The startup has presently held 9000+ events, has onboarded 12,500+ event managers, associated with 350+ brands, and has 10000 Mn+ sponsorships on the website. The startup has brands like Tata Motors, Daikin, Adani, Housing.com, Mahindra Holidays, Zebronics and Nissan already using its services. With the new round of funding, Onspon plans to scale up the operations, marketing and technology backbone of the product.
According to IEG, event sponsorship is a $56 Bn industry with almost $4 Bn coming from Indian sub-continent. India is on the cusp of being a high event consumption nation with live events as a growing space. Last year, BookEventz, an end-to-end service provider for event planning requirements, raised angel funding from Mumbai Angels, Singapore Angel Network and Zishaan Hayath.
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