Young Indians planning to tie the knot this wedding season could soon be spared the stress of rising prices for their nuptials.
After setting up a consumer finance outfit, Future Money, Kishore Biyani-promoted Future Group is all set to enter wedding finance.
Confirming his new venture, Kishore Biyani, CEO, Future Group, said, ?Yes, we are foraying into wedding financing. The plan is part of the expansion of our consumer finance portfolio and will go operational within the next 45 days.?
The wedding season starts in November and goes on until February.
However, it is still not clear whether the venture will be a tie-up or the group?s own initiative.
Analysts say Biyani is looking at several verticals that touch the every day life of consumers, not only to cash in on the retail boom but to also spread risk among various related businesses. However, others expressed caution at the group?s plans to move quickly into too many areas at the same time.
According to estimates, the Indian wedding industry is worth Rs 50,000 crore and is growing at 25% annually. Depending on the size and grandeur, a wedding can cost anywhere between Rs 5 lakh and Rs 10 crore.
Industry players feel that the boom phase for the industry is yet to come, and that Biyani is jockeying to grab a lucrative slice of this rapidly growing market.