Nikahsatu raises seed funding from Silicon Valley-based 500 startups

KUALA LUMPUR, Oct 7  -- Digital wedding solutions platform Nikahsatu has raised an undisclosed amount of seed funding from Silicon Valley-based venture capital firm, 500 Startups. 

In a statement today, Nikahsatu co-founder Rushdi Razif said the financing will help increase average transaction value over the next 12 months by providing full wedding categories on a single platform in as many cities and towns. 

"There is a gap in quality affordable wedding solutions in second-tier cities and this allows us to serve these underserved segments. 

"Aside from making these services available in smaller towns, where good quality services are lacking, it also enables B40 (bottom 40 per cent income) brides to have access to such an option," he said. 

The Kuantan-based platform provides digital wedding solutions, nuptial financing solutions, and curated one-stop wedding solutions, particularly for the Malaysian and Singapore market.

Its data-driven technology enables last-mile data gathering on wedding habits and behaviour to continuously find a product-market fit.

Its revenue has grown 2.4 times in February (last stable revenue pre-lockdown) and it recorded a seven-figure annualised revenue in US dollar terms. 

500 Startups managing partner Khailee Ng said the cost of scaling and margins Nikahsatu could maintain was impressive.

“I don’t see them as a wedding business per se; I see a captive e-commerce and fintech business that has in-built viral user acquisition. 

"The cost of scaling and the margins they can retain is impressive. They don’t need much venture capital to get to US$100 million revenues at all,” he said. 

The United States firm invests globally with 18 unicorns (startups with a valuation exceeding US$1 billion) under their portfolio which includes regional champions Grab, Bukalapak and Carousell, among others.

Since Nikahsatu was founded in 2017, it has attracted close to three million visitors from across the region, with main offices in Kuantan and Kuala Lumpur.

-- BERNAMA