While most of the laundry startups are struggling to grow their business and raise funding, Pickmylaundry has managed to secure around $200,000 in a fresh seed round. The current round has been led by Kedar Lele and existing investor GHV Accelerator.
As per the report from YourStory, the company has already raised around $200K and received a commitment of another $300K from a couple of angel investors.
With the new funding round, the company will deploy proceeds towards expanding its operations to entire NCR. It is also looking forward to expanding to other cities in coming months. Further, it is eyeing offline expansion to reduce last mile logistics cost, which is currently around Rs. 100 per order. The company’s founder also plans to soon roll out 24-hour delivery and overnight service.
Commenting on this funding round, Kedar Lele, said,
Being a believer in e-commerce, I am confident of consumers shifting towards outsourcing of their household laundry chores. And it is not a big news as Indians are doing it to their maids for years, who are now increasingly difficult to get.
I was impressed by the technology built by the team, which allows them complete traceability of each garment from source to destination. With a great unit economics coupled with clear expansion plans, it was the right venture for me to make a personal investment along with my friends.
Pickmylaundry was founded by Gaurav Agarwal, along with Ankur Jain and Samar Sisodia in May 2015. It had previously raised $100k from Anurag Kapoor, Executive Director of the Gurgaon-based GHV Accelerator.
The company claims that it has maintained an organic growth of about 10 percent on a monthly basis. Gaurav claims that the company does about 3,000 clothes every day, that too without considering B2B sales. On weekends, the number touches 4,000.
It has also started B2B services such as linen laundry for hotels and guest houses in June this year. The platform estimates a revenue of Rs 10 lakh plus from B2B services alone.
Market Scenario
In November 2015, Wassup acquired Chamak for an undisclosed amount in an all-equity deal. While Delhi-based Tooler shut shop early this year, Hyderabad-based Ezeewash got acqui-hired by Wassup. Earlier this year, Housejoy acqui-hired on-demand laundry startup Mywash for an undisclosed amount. Also, Mumbai-based Doormint has ceased its operations.
Thus, this funding round might have boosted Pickmylaundry to accelerate growth but the fate of the company still remains to be seen.
