BigBasket Co-founder’s Startup LaundryMate Raises Rs 50 Cr Funding
New Age Consumer Services Pvt Ltd, which owns the online laundry services brand LaundryMate, has raised $6.25 million (Rs 50 crore) in a pre-Series A funding round.
The funding round saw participation from Blume Founders Fund, along with a host of angel investors, including Ankit Bhati (Ola), Charudatta Deshpande (Cilix Capital), Karan Singh (Trilegal), Sandeep Gupta (Broad Peak Investment Advisors, Singapore), Jignesh Bhate (Molecular Connections), Sankalp Saxena (Nutanix India) and Vikas Choudhury (Pivot Ventures).
As per the startup, the freshly raised funds will be used to expand across India. It aims to launch its services across 30 cities in the next 10 years.
LaundryMate | Online Laundry Services Brand
Founded by Abhinay Choudhari, Raghavendra Joshi, Tripat Preet Singh, Asad Zaidi, Uday Vijayan, and Pushpendra Yadav in 2022, LaundryMate is a Bengaluru-based online laundry services brand that offers services like dry cleaning, washing and ironing, steam iron on its platform.
LaundryMate leverages digital technology to offer frictionless ordering, tracking and delivery of laundry within 24 hours through a doorstep pick-up and delivery model.
Speaking about the development, Abhinay Choudhari, Co-Founder and chief executive officer, LaundryMate, said,
“I wanted to solve the laundry chore for millions of Indian households to save the unproductive time currently being spent on this activity. We have got tremendous response from our customers, and this fundraise will help us scale up fast to become the leader and a preferred laundry brand in Bangalore in the next 6-9 months.”
LaundryMate has built the entire tech stack of consumer and delivery apps and proprietary laundry ERP (enterprise resource planning) from scratch. The online laundry services brand has built-in Bengaluru, India’s largest laundry facility, which can process 65,000 garments per day.
Abhinay stated that the mission of the online laundry services brand is to roll out services across 30 cities in the next 10 years and to achieve an annual revenue run rate of $1 billion by 2033. Very soon, the startup will be raising $10 million to $15 million in its Series A round to fund its national expansion, Abhinay added.
Sarita Raichura of Blume Founders Fund, an arm of Blume Ventures, stated that LaundryMate was well-poised to change the laundry landscape in India.
Commenting on the development, Sarita Raichura of Blume Founders Fund said,
“LaundryMate has caught our attention, and we’re thrilled to support them through the Blume Founders Fund program. We have had a strong belief in the untapped potential of the ‘Industrialisation of laundry’ for everyday consumers.”
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