In Indian tradition, the concept of arrange marriage become rooted lengthy in the past. But with trade in trends, these days’s youth looks forward to move on dates, and understand their companions properly earlier earlier than any kind of commitment. Social media systems and on-line dating websites are playing a first-rate role in this. However, websites like Facebook are crowded with random pal requests, relationship web sites are missing credibility and trust.
Cogxio, a Bangalore based venture of IIT Kharagpur alumnus, Layak Singh and Kinshuk Bairagi, is one platform looking to type this out. The simple concept is to allow human beings to have meaningful interactions, significant relationships, and in the end a place to share their emotions with each different. “We are looking to make it right into a real existence interplay platform and not just another profile directory” stated Layak.
Going the engineers way, the startup name is being derived from the founders streams within the university. COG -> utilized in mechanical engineering for connecting gears to every other, XIO -> used in Electronics Engineering for comparable group.
How it Began?
During a college fest, Layak and Kinshuk observed the exhilaration floating inside the air with the appearance of out of doors college students (particularly girls!). This paved the manner for dateIITians.Com, a platform in which every person can connect with every other. The duo additionally took care of heading off the possibilities of getting hooked with fake identities by way of keeping the id cards as the primary registration key.
30000+ flirts, 10000+ crushes and extra than 5000+ proposals on the platform result in the conceptualisation of Cogxio in May 2013 and the primary section release in August earlier this year.
Majority of the prevailing startups along with Onlinedatingindia.Org, QuackQuack.In, and many others. Paintings at the vintage idea of matchmaking or are imparting a dating platform to a group of area of interest clients. Than, there are others out of doors India consisting of Match, eHarmony or Tinder, still underneath the debate as to how they may be securing the identification of their customers.
Cogxio isn't like others due to its three stage verification method to restriction fake profiles to clog the web site, a completely unique platform for humans to have interaction with participants having regarded their compatibility and a medium that claims to make girls sense safe about their identification and protection. More than these unfastened offerings, it also provide the users with alternatives to plan their journey, ingesting out with pals or with a date or proportion their pursuits and plan an event.
Market Opportunity – Domestic vs International
The founders are initially concentrated on the children and couples both, in international locations such as India, China, UK, USA and Canada. With Indian youngsters adopting the trade in trend as they're searching outdoor of arranged marriages, the founders find the market quite promising.
“Till now best 10% are captured market in India on this zone that means it has miles to head yet. For COGXIO, this market could be ideally mature in next 3-5 years,” stated Layak.
Some first rate facts:
There are more than 2 hundred Mn singles in China (Under age 30) , extra than 80 Mn Singles in USA (below age 30), and so forth.
In India, there are greater than eighty Mn singles underneath age 35 and seventy five% on line customers underneath the age of 15-34.
The Indian courting marketplace is USD a hundred’s of tens of millions in admire to international dating marketplace of extra than USD 4.1 Bn. Whereas markets are developing globally at 3.21X every year, in India it's far developing as 8X each year.
The on line gifting market in India is greater than USD five billion, and advertising spending is more than USD a hundred billion.
The internet penetration is growing by way of 2.34X every 12 months in India with a goal to reach greater than 200 million on-line customers by using stop of 2015.
Also, there are more than 900 mobile users in India and increasing rapidly.
In terms of Global marketplace, the enterprise section is of more than USD 4 billion best in on-line relationship and in gifting it's far USD 50 billion in online itself.
Traction up to now
The startup endured with its earlier registered consumer base created at the time of dateIITians.Com. Considering this, its difficult to count on how many lively profiles it'd be having. However, as the founders claim, they see more than 500% growth on a month-to-month basis, since the 1st section release in mid of Aug 2014.
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The profile consists of of users underneath age 35, belong to specialists from Google, Microsoft, Entrepreneurs, and elite universities as an instance IIT, IIM, NIT, Doctors, Harvard, MIT, DCE, BITS and more.
Also, the organisation has centered to attain half million ‘REAL’ users by means of the stop of 3rd Phase launch in November and five Millions of ‘REAL’ customers by means of 2016.
Funding and Business Model
Currently, it's far an open platform, working on pay as you pass model. However, it do provide premium services including expert recommendation on makeover, relationships, beauty and so on., monthly matchbook, and pay as you cross gifting services. It also gives facility to shopping for movie tickets collectively, plan for dinner, event or location with friends, plan for weekend out, and greater.
The founders have to begin with invested INR 25 lakhs and the maximum funding went for resource hiring. Also, they're trying to increase extra funds quickly.
Near Future Plans
Cogxio is focusing on building media platform (www.Cogxio.Television) which produces brief films, way of life guide and extra, and allows sponsorships, advertising. There are plans to release Android app soon and also are setting up Cogxio Data Research Lab, to are expecting customer behavior, attitude, nature, and their sports with help of system studying, and Big Data.