Gifting is an integral part of Indian culture, and it plays an essential role in strengthening relationships, expressing gratitude, and celebrating festivals and special occasions. Gifts are often given to show appreciation, respect, and love to the recipient. The act of gift-giving is viewed as a gesture of goodwill and is seen as a way to strengthen personal relationships. Therefore, people in India place a lot of importance on selecting the right gift for the recipient. It is considered essential to choose a gift that is thoughtful, practical, and valuable to the recipient.
Gifting has become boring and generic. In a world of predictable and materialistic gifts, the true essence of gift-giving is often lost. Even though gifting is one of the biggest industries in India, there is no major player trying to digitalize this space by leveraging technology. Majority of the gifting market is still dependent on physical products where last minute gifting and convenience take a hit.
Although in the era of digital gifting, the process of sending a gift has become time-consuming and inconvenient for consumers. Although convenient options like gift cards are available, they lack a personal touch and do not provide a personalized, curated gifting experience. Moreover, there is a lack of validation and a sense of security for the chosen gift. This poses a significant problem for consumers who want to send a thoughtful and unique gift to their loved ones.
In contrast, diminutive merchants face the challenge of identifying a suitable platform to exhibit their merchandise. Consequently, they miss out on the opportunity to exploit the lucrative gift card market, which could potentially serve as an additional source of revenue. Instead of issuing their own gift cards, which could prove exorbitant with minimal return on investment, these vendors require a cost-effective alternative.
Thus, Ribin has developed a one-stop experience gifting platform where users can send personalised experiences to anyone in the form of a gift card . The platform's wide-ranging offerings encompass categories ranging from Food and Beverages, Jewellery buying all the way up to Adventure parks, Helicopter rides, Resort stays, etc.The platform gives a national presence to the merchants helping them in promoting their businesses, attracting new customers, enhancing brand awareness, minimizing fraud, and boosting business sales through the utilization of their experiential gift card. From small to large-scale gifting requirements, the platform promises to provide its users with thoughtful, tailor-made, and experiential gift options, all from the comfort of their homes. The platform is committed to ensuring that both the sender and the recipient receive the best possible experience throughout the gifting process.
Om Kannamwar, Abhishek Pai Angle, and Ashwin Chauhan are the perfect fit to build Ribin. With a computer science engineering degree and experience at Cummins and Amazon, Om brings technical and management expertise with a deep understanding of data interpretation. Abhishek is a recent IIT Bombay graduate who has worked in tech startups and MNCs in India and overseas giving him the technical expertise to build and manage an entire startup's tech infrastructure. Ashwin is an MBA in Marketing before which he built a bootstrapped company in the sustainable energy sector by working with numerous vendors making him a great fit to handle operations at Ribin. Together, their diverse skills and experiences make them a strong team for executing the roadmap planned for Ribin.
The burgeoning popularity of digital gift cards can be attributed to the surge in e-commerce, online shopping, and digital payment systems. Furthermore, the proliferation of local vendors and small-scale businesses in India has also played a pivotal role in the expansion of the gift card market. In 2020 the worldwide gift cards market was valued at $258 Billion, and it is anticipated to grow at a compound annual growth rate of 15.8%, reaching a staggering $1101 Billion by 2030.
People in India are moving towards convenient digital gifting options resulting in a sale of close to 700 million gift cards in FY 22 even though only limited premier brands offer them. The Gifting industry in corporate and consumer space in India is poised to reach $82B by 2027 from the current $68B. This is what we are planning to digitalize.
With the steady growth of the Indian economy, consumers are witnessing a surge in disposable income, leading to a shift towards more personalized and thoughtful gifting options. In this regard, Ribin, with its unique offering of experience gifting that can be used on different occasions and gifted to near and dear ones, has a distinct advantage. The demand for such personalized gifting options presents a significant market opportunity, and Ribin is well-positioned to capitalize on it.
Moreover Ribin's innovative approach to gifting has the potential to revolutionize the gifting industry in India, enabling individuals to express their gratitude, love, and appreciation through thoughtful and personalized gifts.The team’s commitment and drive to scale the venture to greater heights is why we, at 100X.VC, believe that Ribin is headed for great things. We are excited to play a part in achieving this dream!