US-based event management software company, Cvent, is all set to expand its India operations in a big way in the next two years. The company offers web-based software for meeting site selection, online event registration, event management, e-mail marketing, and web surveys. Expecting approximately businesses worth USD 4 billion to happen through its Cvent Supplier Network (CSN) - the world’s largest free online marketplace connecting event planners with venues - in 2011, it plans to expand its event venue data for India in the coming years.
As part of its expansion, the company will increase its manpower manifold in India in the next 18 months. Besides this, the company also recently secured USD 136 million in funding led by New Enterprise Associates (NEA) and Insight Venture Partners, with Greenspring Associates also participating. The company has its India office in Gurgaon in the National Capital Region (NCR).
Sharing the company’s plans for the Indian market, Reggie Aggarwal, Founder and CEO, Cvent, said, “When you do a search for venues in India on the CSN, you’ll find over 4,000 results. We’re planning to continue expanding that database and will work to build relationships with hotels in India, in an effort to help drive more meetings and events business to the country.”
He further added that the MICE market is still nascent in India and has yet to fully develop. “Global organizations are still hesitant to take their events to India, but as the country modernizes and builds more advanced infrastructure, this will change. We see a lot of potential for the event industry here, and will be well positioned to capitalise on it,” Aggarwal said, explaining the market potential in India.
The USD 136 million investment is the first external funding the company has undertaken since its inception in 1999. Cvent intends to use a substantial portion of the new funds for technology developments, continued global expansion and potential acquisitions. “We’re looking to make enhancements to our current product offerings and evolve our social media and mobile offerings. We’ll also look into strategically acquiring companies that complement our current product suite, and plan to further expand our presence in Europe and Asia,” Aggarwal said when asked about the new plans in the light of new fund accruals.
“Cvent is unique in that we provide event planners with an all-in-one solution for their event management, site selection and web survey needs. This eliminates the need to use several different applications, and saves planners time and money,” Aggarwal said.
US-based event management software company, Cvent, is all set to expand its India operations in a big way in the next two years. The company offers web-based software for meeting site selection, online event registration, event management, e-mail marketing, and web surveys. Expecting approximately businesses worth USD 4 billion to happen through its Cvent Supplier Network (CSN) - the world’s largest free online marketplace connecting event planners with venues - in 2011, it plans to expand its event venue data for India in the coming years.
As part of its expansion, the company will increase its manpower manifold in India in the next 18 months. Besides this, the company also recently secured USD 136 million in funding led by New Enterprise Associates (NEA) and Insight Venture Partners, with Greenspring Associates also participating. The company has its India office in Gurgaon in the National Capital Region (NCR).
Sharing the company’s plans for the Indian market, Reggie Aggarwal, Founder and CEO, Cvent, said, “When you do a search for venues in India on the CSN, you’ll find over 4,000 results. We’re planning to continue expanding that database and will work to build relationships with hotels in India, in an effort to help drive more meetings and events business to the country.”
He further added that the MICE market is still nascent in India and has yet to fully develop. “Global organizations are still hesitant to take their events to India, but as the country modernizes and builds more advanced infrastructure, this will change. We see a lot of potential for the event industry here, and will be well positioned to capitalise on it,” Aggarwal said, explaining the market potential in India.
The USD 136 million investment is the first external funding the company has undertaken since its inception in 1999. Cvent intends to use a substantial portion of the new funds for technology developments, continued global expansion and potential acquisitions. “We’re looking to make enhancements to our current product offerings and evolve our social media and mobile offerings. We’ll also look into strategically acquiring companies that complement our current product suite, and plan to further expand our presence in Europe and Asia,” Aggarwal said when asked about the new plans in the light of new fund accruals.
“Cvent is unique in that we provide event planners with an all-in-one solution for their event management, site selection and web survey needs. This eliminates the need to use several different applications, and saves planners time and money,” Aggarwal said.