Poojai a spiritual essential startup has raised $1 million which is around INR 8 crore (1 USD= 81.47) in seed funding from Billionaire Venture Capital signalling 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.The funding will enhance Poojai’s platform capabilities, hire talent, and grow the company’s consumer base.
“The scope of the spiritual goods market is immense and is expected to expand at a CAGR of 10 per cent 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.
Poojai is a brand of Rudra Retail, which focuses on the spiritual essentials market in India, which is estimated to be around USD 44 billion and has bigger plans for global expansion. The present supply rate for spiritual goods is just half of the current demand, which is over 1500 metric tonnes per day.
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.