Touchwood Entertainment Limited (NSE; TOUCHWOOD), India’s leading event management company, announced a fresh round of funding for its two new tech ventures; MakeMeUp and WedAdvisor. In the meeting of the Board of Directors held on August 6, 2021, the Board discussed, deliberated, and took on record the induction of new investors.
The two ventures, Make Me Up and WedAdvisor, marks the group’s entry into the technology domain. MakeMeUp is India’s first one-stop solution for getting the best beauty products, booking salon and makeup services in real-time, and hiring the best make-up artist with just a click on your phone. On the other hand, Wed Advisor aims to streamline the disorganized wedding market by connecting vendors (located anywhere in India) to customers. It allows vendors to showcase their offerings and boost their reach. For customers, it is a one-stop solution, where they get all wedding-related services on one app.
According to Mr. Manjit Singh, Managing Director of the Company’ The consumers today are a lot more tech-savvy and are used to buying services off their mobile. What we offer to consumers is unique and no other platform offers all these services in one app. The new investors bring not just fresh capital, but they have the expertise and experience to act as mentors to these new ventures. (List of the new investors and their brief profile is attached with this press release).
Though the event management business was impacted adversely due to the pandemic, Touchwood has been on a growth path, with the launch of these consumer-facing, tech-enabled businesses. We have very quickly transitioned from a services-centric group to a tech-centric group. In the days to come, expect more technology innovations from us’ said Mr. Vijay Arora, Whole – Time Director of the Company.
“Technological developments are the need of the hour, the pandemic had us all under its control and tamed, and the digital world kept going, hence we devised a beauty app to meet customer requirements and provide top-notch services at the click of a button! We’re extremely optimistic about our upcoming app, and to be the best beauty service & e-commerce provider of the country’ said Ms. Kanika Arora, Head of Make Me Up.
The wedding and events industry is growing and expanding each moment thus a lot of new players/vendors and service providers are entering the domain every day. Looking at this, a tech-enabled platform for reviews and ratings of every stakeholder in the trade became a necessity, and as we all know necessity engenders innovation that eventually led to WedAdvisor. This will be the largest digital review and rating platform for the consumers across the world in the coming years.’ said Mr. Shrey Khandelwal, Heading WedAdvisor.
Tech investor, Rohan Joseph, added “With technology and e-commerce on the rise, and with millions of Indians now developing a habit of purchasing beauty products and services online, we are confident that Touchwood will delight new audiences in India with the upcoming launch of its new platforms. The launch of MakeMeUp and WedAdvisor brands will transform Touchwood to become a technology-driven enterprise with a direct-to-consumer business.”