Mumbai based Onspon.com , an event- brand partnership platform startup has raised 1 crore from Indore’s Swan Angel Network.
The most time consuming and difficult task for any event organiser is to find sponsors. Similarly, brands (and their agencies) also have an equally tough time finding the right event with the right target audience and reach at the right time. In order to bridge this gap and solve the problems of both these segments, Onspon.com came into being.
Headquartered in Mumbai and with offices in Gurgaon and Bangalore ; Onspon offers a technological platform to help brands find the best events to partner with and helps entrepreneurs create profitable and well-managed events. Onspon is currently the largest aggregator of events and brands in India on all counts, with 9000+ events, 12,500+ event managers, 350+ brands, 10000 Mn+ sponsorships on the website. 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.
According to
Hitesh Gossain, Founder of Onspon, an IIM Ahmedabad alumnus (who was earlier the business head at Percept) there is no revenue source for events in India apart from ticketing – but the costs 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. He further added: "There are several start-ups and new-age brands nowadays that are in requirement of associations and synergies to attain a product market fit and reach scale. Brands can now select which audience they want to target at what time – and can use Onspon Smartboard to create a custom calendar for event association with budgets at a click of a button. 350+ top brands like Tata Motors, Daikin, Adani, Housing.com, Mahindra Holidays, Zebronics, Nissan are already using our services and this number is increasing every day".
Per IEG, Event sponsorships is a USD 56Bn industry with almost 4Bn of the same coming from Indian sub-continent. India is on the cusp of being a high event consumption nation with live events as a space growing – which will drive brands attention towards events even better ; and with Onspon bridging this discovery gap ; the team is excited to grow and engage with maximum events and brands. ‘We have a great team in place and are all set to scale up our business with this fund’ Hitesh added.
The angel round of funding will be deployed primarily towards scaling up operations, marketing and enhancing the technology backbone of the product (Onspon.com and sub products). Onspon is an innovative company creating disruptive solution to access timely sponsorships accessible to brands. “We are confident that investment in Onspon will deliver positive results while building company value” said co-founder B.P.Inani- Swan Angel Network, in a statement.
Abhishek Sanghvi, co-founder of Swan Angel Network, believes that the concept of automating the process of making sponsorship decisions is something that is both highly scalable and impactful, he said. Speaking of their investment he further added –that they look at the startup idea and the team.
“It is about whether the team has the right drive, hunger and humility. With Onspon, I realised that the founders had a strong passion and motivation to solve this problem and we believe that the team has found a viable solution to this problem. As an investor I believe that the events and sponsorship sector is a massive opportunity that is yet to be tapped, and we believe that Onspon has the right motivation to solve this problem.”
