Neil Banerjee
In the bustling cityscape of Delhi where dreams often collide with financial constraints, a unique start-up has emerged, aiming to rewrite the narrative of gift giving and celebrating precious moments. Dream Ticket, founded by Rajiv Kumar in 2018, is not just a jewellery company, it’s a beacon of hope for those who aspire to gift their loved ones gold and diamond jewellery, irrespective of their financial limitations.
SME Futures spoke to Rajiv Kumar, and he shared how a distressing moment in his life propelled him to start Dream Ticket. He also talked about his company’s unique model and his vision for its future.
Humble beginnings and a unique vision
The genesis of Dream Ticket lies in the personal story of its founder, Rajiv Kumar. Hailing from a modest background, Kumar harboured a desire to gift his wife a diamond ring on her first birthday after their wedding. However, the stark reality of a meagre budget clashing with the extravagant cost of the ring proved to be a formidable challenge. Kumar recalls, “I had only Rs 10,000 in hand, and the ring I wanted cost over Rs 55,000. Despite exploring numerous jewellery shops, the options were either financially unfeasible or required upfront payment.”
This conflict lingered for years, prompting Kumar to delve deeper into the struggles faced by individuals from low-income groups in fulfilling their wishes. A survey of 1,500 people revealed that 645 of them had similar unfulfilled desires. This realisation ignited the spark for Dream Ticket, a venture aimed at making gold and diamond jewellery accessible to the masses.
“It was my personal experience and an emotional conflict that led me to start Dream Ticket. I felt really bad that I was not able to gift any precious jewellery to my wife. I lost an opportunity to create special memories on my wife’s birthday. I kept thinking and realised that there were millions of people like me who wished to buy jewellery for their loved ones but couldn’t,” he reminisces.
“The emotional conflict I faced stayed with me, and I was determined to ensure that others didn’t go through the same heartache. Dream Ticket is not just a business; it’s a platform to bring joy and happiness to the families which thought that they couldn’t afford precious jewellery,” he emphasises.
Dream Ticket’s innovative model
Dream Ticket’s innovative model revolves around forming groups of 10 to 15 subscribers who commit to a fixed monthly subscription through the Android app. Kumar explains, “Each month, a new name is pulled out through our custom software, and that person can buy customised gold or diamond jewellery of their choice, paying the total amount by the end of their subscription tenure.”
This approach stands in stark contrast to the traditional methods that often demand full upfront payments or rely on credit cards and EMI options, making jewellery purchases a distant dream for many. Dream Ticket provides the opportunity to own new jewellery before completing the fixed subscription amount, engendering financial flexibility and empowerment.
“By introducing the group-buying model, we wanted to ensure that every individual, regardless of their financial situation, has the chance to celebrate life’s precious moments with exquisite jewellery. It’s about making dreams come true,” Kumar enthuses.
Since its inception in June 2018, Dream Ticket has come a long way. With an initial investment of Rs 82 lakhs, today, the company has 4,500+ happy customers and three physical stores in Delhi. Their revenue growth over the last three years speaks volumes – Rs 1.35 crores (FY 2022-23), Rs 74 lakhs (FY 2021-22), and Rs 55 lakhs (FY 2020-21).
“We have touched and made a difference in the lives of people who wished to buy jewellery but due to limited resources and no avenues could not fulfil their wish,” Kumar states. The positive feedback and impact are evident in the increasing number of customers associated with Dream Ticket.
Focusing on customer satisfaction and loyalty is key
With a retention ratio of up to 60 per cent, Dream Ticket has focused on ensuring customer satisfaction and loyalty. “Our subscribers can buy jewellery with only 10 per cent cash in hand, and the remaining amount can be paid through a fixed monthly fee. This provides customers with confidence, eliminating the fear of losing money,” Kumar explains.
Dream Ticket’s commitment to provide 100 per cent customised jewellery further enhances the purchasing experience. “We believe in empowering our customers to choose jewellery that resonates with their individual styles and preferences. It’s about creating not just customers but advocates for our brand,” he adds.
Future plans and challenges
Dream Ticket is not just a jewellery brand; it’s a movement aiming to redefine the jewellery market for the lower-income group. The company plans to expand further, starting with opening 30 offline stores in the Delhi NCR region. “Operational cost is a major challenge in the expansion of our offline stores, but we will optimise our resources to increase revenues,” Kumar underlines.
“The challenge lies in balancing the operational costs with our commitment to providing affordable and accessible jewellery. We are working towards finding innovative solutions to overcome this hurdle,” he adds.
The company’s focus will be on the Delhi NCR region and tier 2 cities initially, with plans to expand pan-India later. The ever-evolving jewellery market is anticipated to witness a 40 per cent increase in the next five years, and Dream Ticket aims to stay at the forefront of these trends.
Role of technology in Dream Ticket’s growth
Technology has played a pivotal role in shaping Dream Ticket’s unique model. The Android app facilitates transparent customer selection every month, ensuring a fair and unbiased process. “We will use AI technology to further enhance the customisation of jewellery according to the personalised needs of our customers,” says Kumar.
Dream Ticket aims to become a pioneer in offering AI technology-integrated designs with AR.
“Technology is not just a tool for us; it’s an enabler of dreams. Our app simplifies the jewellery buying process, making it accessible to a wider audience. As we look ahead, we are exploring ways to leverage technology for even more personalised and immersive experiences,” he affirms.
The impact of Dream Ticket
Dream Ticket’s impact extends beyond the balance sheet. It’s about fulfilling dreams, creating memories, and empowering individuals to celebrate moments which they thought were beyond their reach. With each jewellery purchase, Dream Ticket is scripting a story of resilience, hope, and empowerment, one dream at a time.
“The true measure of our success lies in the smiles we bring to faces, the dreams we fulfil, and the stories we become a part of. Dream Ticket is not just a business venture; it’s a commitment to the dreams and aspirations of countless individuals,” Kumar avers as he signs off.
