Spiritual Essentials startup Poojai has raised $1 million in seed funding from Billionaire Venture Capital signaling growing investor interest in the devotional goods sector.
Poojai was founded by one of the youngest startup founders in India, Sresht Kalanjiam, with a vision to integrate technology with tradition. Growing up in a spiritually inclined family, it was only natural for him to embark on this journey to revolutionize the spiritual essentials industry.
Poojai, a brand of Rudra Retail Private Limited, focuses on the spiritual essentials market in India, which is estimated to be around $ 44 billion and has bigger plans for global expansion.
“The scope of the spiritual goods market is immense and is expected to expand at a CAGR of 10 percent making it the fastest-growing business after the IT sector in India. This also offers incredible export prospects for us with enormous upside potential, and investors are eager to invest there. And with spiritual tourism booming in India, there’s no turning back,” said Sresht Kalanjiam.
South India presently dominates the Indian spiritual market. The market is primarily driven by the rapidly expanding consumer demand for top-notch spiritual goods for a variety of medicinal, religious, and spiritual uses.
The rising acceptance of Indian spiritual activities like yoga and meditation in the west, particularly in the USA, Canada, and European nations, is a significant element driving the market for Pooja goods created in India. But the present supply rate for spiritual goods is just half of the current demand, which is over 1500 metric tonnes per day.
Poojai is determined to close this gap between supply and demand for devotional goods, alongside creating large-scale employment opportunities, especially for rural women all across India.
“Along with disrupting the spiritual essentials market, we want to create a positive impact on people’s lives, and we’re elated to have Billionaire Venture Capital on board, which strengthens our cause moving forward,” Sresht added.