Bengaluru-based online college event ticket booking startup TheCollegeFever (TCF) has completed raising $250,000 (around Rs 1.7 crore) in seed funding from Mumbai-based investment firm 11.2 Advisors, founder Kushal Aralihalli told VCCircle.
This is the company's first external fundraising and it will use the capital for customer acquisition and upgrading technology, Aralihalli said.
Run by Culturo Technology Pvt. Ltd, the platform has partnered with more than 2,000 colleges and has sold tickets for more than 6,000 events so far. It has sold more than four lakh tickets worth more than Rs 10 crore, Aralihalli said.
Founded in 2016 by Aralihalli, the company has managed to grow more than 100% last year, he said.
TCF competes with BookMyShow, MeraEvents and Paytm among the event ticketing platforms. "Our consistent performance has impressed our investors as the funding was based on achieving certain targets and we did that. While the first round of funding has been completed, we are open to a new round of funding," Aralihalli said, adding that he had a couple of acquisition offers too from competitors.
The company said that the platform has been the go-to destination for booking events among the IITs, IIMs and many others prestigious colleges. The company also claims to be profitable.
“With a seamless user experience, the platform has worked amongst youngsters. Colleges are creating some of the most talked about campus events on our platform,” Aralihalli said. "It is a niche product that is customized to the college event organisers. That’s our biggest asset,” he added
TCF's partner colleges include IIT Bombay, IIT BHU, IIT Rajasthan, IIM Bangalore, IIM Indore, NIT Trichy and others. The platform also helps college students coordinate fests, conduct workshops and for wide coverage promotions and sponsorships.
Apart from ticketing commissions, TCF also partners with many youth-focused brands to engage with college students. National Instruments, Huawei and Oyo are some of the startup’s regular partners, the company said.
11.2 Advisors was incorporated in December 2015 by Durga Das, a veteran early-stage investor and founder of Das Star Ventures; Kishore Reddy, chief executive of textile company K K Apparels; Ranga Iyer, former managing director of pharmaceuticals company Wyeth Lederle; Debashish Ghosh, managing director for international markets at Penske Media Corporation; and Jai Bangani, a finance and investment professional who manages a Kolkata-based non-banking finance company. The investment firm’s areas of interest include augmented reality/virtual reality, Internet of Things, health and wellness, robotics, environment, education and youth.