Introduction:
Ticket 9, a Coimbatore-based event tech startup, has successfully raised $120,000 in pre-seed funding from a diverse group of angel investors. The funding round, which included notable figures from the Indian tech industry and international investors, marks a significant milestone for the young company as it seeks to expand its operations and enhance its product offerings.
Founded by Yazhini Shanmugam and Santhos Premraj, Ticket 9 has developed an innovative Software-as-a-Service (SaaS) platform designed to streamline the event management process. The platform offers a comprehensive suite of tools for event organizers to create, manage, promote, and monetize events of various types and sizes.
Key Developments:
The pre-seed funding round was co-led by several prominent investors, including Prabhu Rangarajan, co-founder of M2P; Vijay Pravin Maharajan, CEO of bitsCrunch; and Ashok Vardharajan, CTO of bitsCrunch. Other notable participants include Mohan K, CEO of Ippopay; Jaikumar, CTO of Ippopay; and Sudalai Rajkumar, head of AI and ML at Growfin. The round also attracted investors from the United States, Singapore, Australia, and Bangkok, demonstrating international interest in Ticket 9’s potential.
The funds raised will be strategically allocated to enhance Ticket 9’s product development, strengthen its technology stack, expand the team, and accelerate market expansion. This investment comes at a crucial time for the startup, which has already established a presence in major Indian cities such as Mumbai, Hyderabad, Pune, Bengaluru, and Chennai.
Ticket 9’s platform addresses a significant pain point in the event management industry by automating manual tasks and providing a user-friendly interface for organizers. The company’s innovative approach includes features such as a QR-based check-in validation system, which simplifies the entry process for large-scale events.
Yazhini Shanmugam, Co-founder and CEO of Ticket 9, emphasized the platform’s accessibility: “Our platform is designed to be user-friendly, particularly for first-time event organizers, while also offering flexibility for larger events. Creating an event and taking it live on Ticket 9 is as simple as creating an email id.”
Santhos Premraj, Co-founder and Product Architect, added, “Ticket 9 is built on the idea that anyone anywhere in the world desiring to create an event, sell tickets, or engage attendees in events should have a powerful tool to do it easily.”
Market Opportunity and Growth: The global events industry presents a substantial opportunity for Ticket 9. According to Verified Market Research, the market was valued at $887 billion in 2020 and is projected to reach $2,194.40 billion by 2028, growing at a CAGR of 13.48% from 2021 to 2028.
Ticket 9 has already made significant strides in capturing market share. The startup has supported over 270 events in both virtual and physical spaces, including notable events such as Rovers – International Sports Carnival, Coimbatore Badminton Champion, and Creaticon – The Social Company.
The company’s business model is based on a minimum transaction fee of 5% on each ticket sold through its platform. In its first fiscal year (FY23), Ticket 9 reported revenue of $23,000, demonstrating early traction and potential for growth.
Implications for the Tamil Nadu Startup Ecosystem: Ticket 9’s success story is a testament to the growing strength of the startup ecosystem in Tamil Nadu, particularly in Coimbatore. The city, known for its industrial heritage, is now emerging as a hub for tech startups. Ticket 9’s ability to attract both domestic and international investors highlights the increasing visibility and credibility of startups from the region.
This funding round could potentially inspire more entrepreneurs in Tamil Nadu to pursue innovative ideas and seek early-stage funding. It also demonstrates that startups from Tier-2 cities can compete on a national and international level, given the right product and market fit.
Furthermore, Ticket 9’s focus on the event tech sector could help position Tamil Nadu as a center for innovation in this growing industry. As the company expands its operations and team, it is likely to create new job opportunities in the region, contributing to the local economy.
Conclusion:
Ticket 9’s successful pre-seed funding round of $120,000 marks a significant milestone for the Coimbatore-based startup. With its innovative approach to event management and strong investor backing, the company is well-positioned to capitalize on the growing global events industry. As Ticket 9 continues to expand its operations and enhance its product offerings, it not only stands to revolutionize the event tech sector but also serves as a beacon for the burgeoning startup ecosystem in Tamil Nadu.
