Ahmedabad-based GaneshaSpeaks, an astrological web portal, has launched a unique service called ‘Fortune Mantra’ for intraday traders of Rajkot. ‘Fortune Mantra’ gives personalised astrological predictions to help investors determine the ideal time to get into or come out of the market.
GaneshaSpeaks launched the service in Rajkot on February 13 and is aiming to cover major cities of Gujarat in a span of about six months. After Rajkot, the company aims to roll out its services in Surat by the end of this week. “After studying the scenario in Gujarat for six months, we will take a call to introduce the service outside the state, especially in Mumbai,” said a company official.
The company hopes to cash in on the current market conditions, which are urging people to seek web-based astrological advice.
Hemang Pandeet, managing director and chief executive officer of GaneshaSpeaks, said, “India is way behind in web-based astrology compared to the US and UK, though seeking astrological advice is quite common. After the stock market crash, people are increasingly turning to astrological services in matters of the market. Fortune Mantra is designed for such people.”
About the organised portal-based astrology in India, Pandeet said, “There are hardly 4-5 players in this sector currently and the total market is about Rs 20 crore. Comparatively, the US has a market of $200 million (about Rs 100 crore) and the UK has a £500-million market of premium subscribers for online astrology. But, the Indian market is growing fast.”
To reach the masses, the company has entered into agreements with reputed brokerage houses such as Arcadia Shares & Stock Brokers, Ajay Natvarlal and Elegant Equities. GaneshaSpeaks is targeting more than 10,000 clients for Fortune Mantra by the end of the next financial year.
The Rs 10-crore GaneshaSpeaks records an annual growth of 30 per cent. The company shares 35-40 per cent in the total web-based astrology industry. Once the company achieves a turnover of Rs 100 crore, GaneshaSpeaks plans to enter the capital market through an initial public offering, Pandeet said.
GaneshaSpeaks handles more than half a million visits on a monthly basis while its call centres, combined with the help of 130 astrologers, handle more than 25,000 telephonic consultations daily.