It’s a Saturday night and you have nothing to do. You have done your share of online shopping in the day at Myntra, ordered your weekly groceries through Grofers or Bigbasket, and have even managed to get your leaking tap fixed through Zimmber or Doormint. You are not in the mood for a movie, so you haven’t felt the need to browse through your Bookmyshow app. You want to step out, but you have no clue where to go. Wouldn’t it be nice if you just knew somehow what is going on in the coolest club in the town or if that nice wine bar you heard of has any wine tasting lined up? And more so, if you can get a last minute entry to that?
Enter Instabounce or as they call “the going-out app.” Founded by Harman Sawhney, the app provides a highly-curated list of selected last-minute events for everyone at discounted (or even free) prices. From a food connoisseur, to a wine –lover or to simple party hopper, everyone can find an event of their choice and make last minute bookings in a matter of 2-3 tabs. As Harman says, “This is the only platform which shows night life events, allowing users to book an event and receive a notification in mere 10 seconds.” The USP is simple, you browse the events, you book them, and you are ready to bounce!
The idea for Instabounce sprang from Harman’s own experience of working in the events industry for around five years. That experience gave him insights into booking trends for such events and he realized that almost 90% of the reservations were made at the last minute. Consequently, event organizers had to grapple with a lot of unsold inventory. He felt the gap between event organizers and consumers, and thus was born the idea for app which would make it users to discover these events at the last minute, make bookings possible, and thus take care of unsold inventory. By facilitating and enabling the last minute going out plans, Instabounce aims to create a win-win situation for both the event organizers and the spontaneous planners.
How it works
Discovering and booking events on the app is a matter of 2-3 clicks. If it is ticketed event, your ticket will be generated in a matter of 10 seconds in the app itself. After logging in, users are presented with a selection of events from the likes of wine and food pairing to cocktail tasting, stand-up comedy, clubbing, karaoke, concerts and other events for that night or if it is late in the day, for the next day too.
Instabounce reaches out to event organizers who list their events on the platform. Currently, the firm curates events only in Delhi and has managed to land about 35-40 event partners on board, who are involved in listing and updating unique events on the portal.
Monetization, Funding and Traction
The app is currently targeting users in Delhi/NCR. Ever since its launch in December 2014, the app, which is available on Android and iOS platforms has witnessed about 15,000 downloads.The company is witnessing a 15-20% month-on-month rise in revenues. Harman says that Delhi alone has an audience of 100,000-125,000 consumers who would be interested in such an app, hence, the playing field for Instabounce is huge. On a monthly basis, the three member team is doing over
The app is free for the users while event organizers are charged on a commission basis, depending on the number of users who make bookings through the app. The plan is to move to a fixed cost revenue model soon.
The firm is leveraging the $15,000 (INR 1 Mn) funding that they won at IIT-Mumbai’s Shark-tank styled startup showcase. The funding was led by Dr. Annirudha Malpani and Anil Chokhani. It was also one of the 14 startups selected for StartupPulse Delhi second edition.
Having tested the waters in the country’s capital, Instabounce is now looking at a city by city expansion. It has set sights on a Mumbai launch now. Additionally, it is also ramping up the product and working out on rolling the second version of the app. This version will enable a more personalized experience with push notifications being sent to users based on their areas of interest. Additionally, it will be possible to see what events your friends are going to.
Harman, adds, “The idea is to create an ecosystem for event creators, artists, and users alike.” Consequently, the startup will also focus on raising more money as it charts its further expansion course.
Competition and Differentiation
As of now, Instabounce doesn’t have any direct rivals who are curating solely night life events. There are event curators like Meraevent.com, Kyazoonga, and Bookmyshow, but Harman points out the wide difference in the kind of events on these portals. While these may cater to theatre, drama, and other ticketed events, Instabounce is focusing solely on nightlife events such as food tasting, wine tasting, karaoke party, stand-up comedy, live gigs, and clubbing.
Instabounce has a unique proposition to offer and has the potential to become a handy app for people who make last minute plans to go out. The platform is hoping to solve the problem of unsold inventory for event creators at the last minute, which makes it a useful app for them too. However, how far it scales up will be decided by the fact that how many such unique events is it able to curate in comparison to other competitors in the event aggregation and ticketing space.