Q: Can you please tell us about Wellnessta and what inspired you to come up with this unique idea which can be reckoned as India's first Wellness-Tech?
Mr. Singhai: Wellnessta was born out of the necessity and need of today's world. It is like an e-commerce platform for salon, spa, and wellness services where a customer can choose from various service providers, and a business can reach out to potential customers without the restrictions of geography. Basically, Wellnessta takes care of creating and handling the tech part of the personal grooming, wellness, and fitness service providers and makes it available to the customers, who then can decide to pick whichever works the best for them. As you said, we can call it India's first wellness-tech platform. There are already businesses that provide their services online, but they are mostly an extension of offline operations run by big brands. Wellnessta wants to create the same opportunity for the smaller businesses as well to democratize and diversify the market. Our aim is to digitize the industry.
Q. What is your take on the wellness market in India amidst and post the covid 19 crisis?
Mr. Singhai: To begin with an optimistic piece of data, the wellness industry in India is expected to grow at an annual CAGR of 18.4% for the period between 2019 to 2024. Now, we feel that the industry may actually grow much faster than this expected result because of the kind of conditions that have been created post-Covid. The first thing is that people are now more aware of their physical and mental health and want to take the necessary steps to maintain a healthy lifestyle. This was already on the rise in the pre-covid world for various reasons like the increasing internet penetration, the awareness spread through social media, the launch of health and fitness start-ups, and also government intervention through the AYUSH ministry. The Prime Minister himself spread the message of health and fitness through campaigns like Fit India and International Yoga Day celebration every year. So, the market in India for wellness service providers and products was already growing before the pandemic hit. It is now growing at a faster pace, especially the market for online or internet service providers. We are hopeful for this growth to sustain and increase further.
Q. Can you please elaborate on your advanced SaaS-based cloud platform technology and how does it function?
Mr. Singhai: As we mentioned, by creating a SaaS-based cloud platform, Wellnessta aims to bridge the gap between the local service providers in the country and the customers. Most of these smaller businesses do not have the resources to take their services online as the monthly cost is a big hindrance for them and this is where we come in through our cloud platform. The business can take its services online using our platform and make itself available to potential customers. We are a B2B platform where we basically connect the businesses with the customers. Our platform acts as the marketplace for the health and wellness service providers and this is what makes it unique. So far, the customers did not have an option to compare and choose from various service providers, including the local and small businesses, which is being made possible through Wellnessta.
Q. How well service vendors are adapting to your platform/app?
What are the problems you're facing while educating them about your very new Technological driven concept?
Mr. Singhai: The positive thing is that vendors are adapting to our platform quite well and it shows that Wellnessta is actually solving a very crucial problem in the market and helping the businesses scale. Over 11 service providers are already registered on Wellnessta and over 150 Outlets are now available for User bookings. We are witnessing that vendor registrations have been rising consistently and the most important aspect is that most of these vendors are choosing to opt for a paid subscription which opens all the software features for them. Now, this is only possible when the vendors are actually benefitting from the platform and getting business from it. When we talk about technological challenges, then that is always there when you are bringing a change and introducing a new dimension to a market that has traditionally been offline. However, these challenges are not very big, and we usually solve them easily by taking the vendors through the platform features. Also, the platform is designed in a way that anyone can learn how to use it in a short time.
Q. Did Wellnessta raise any sort of funding yet? If yes, then can you elaborate on the same, AND If No, when are you planning to raise any?
Mr. Singhai: No, we haven't opened ourselves for any funding yet. We are a bootstrapped company and currently, we are focused on consolidating the initial traction that the platform has received. We are seeing consistent growth in the platform use and want to wait for the appropriate time before we open ourselves to funding.
Q. What are your orientations towards the growth of Wellnessta in the coming year?
Mr. Singhai: Our projections are extremely optimistic and we expect the business to grow at a much faster pace in the coming year. This is because our vision aligns with the very basic need of the market, which is to bring every health and wellness service provider online and connect them with customers across the country. This is the best time for such a business because in the post-covid world, people are looking to cut down on being in crowded places and are opting for online alternatives. At the same time, the smartphone and mobile internet penetration in the country is still increasing and will reach millions of more people in the coming year. This is a market that is expected to grow and Wellnessta has the first-mover advantage here.
To know more, click here: https://wellnessta.com/