iService, an electronic device repairing startup, has announced that it has secured Rs. 3 crore in its seed funding round. The round was led by Blume Ventures, along with the participation of angel investors.
The angel investors who participated in the current funding round include Freshdesk Co-founder Girish Mathrubootham, TaxiForSure co-founder Aprameya Radhakrishna, Tapzo CEO Ankur Singla, former Flipkart executive Mekin Maheshwari and Belong Co-founder Vijay Sharma.
Ankit Chowdhary, co-founder of the company, said in a statement,
Given the $2 billion opportunity ahead of us, we will strengthen the team and the product to be the first choice for people with an issue of repair with their gadgets. We will also build a network of existing SMBs (small and medium businesses) and newly skilled individuals in this industry get access to more work and tools to run their business.
iService was founded in the year 2013 by Ankit Chowdhary, and currently has a 35-member team. The firm has four brick-and-mortar stores in Bengaluru and Delhi, and also offers on-demand services at these locations.
The firm was so far bootstrapped. It has serviced gadgets and phones for more than 30,000 customers. The rates for service repair are between what is offered at authorized repair outlets of gadget companies and at local gadget repair shops, said company’s chief executive. It has an average ticket price of Rs. 3,000.
With the new funding coming in, the company is now looking forward to expand its footprint in other cities. The funding will also be used to enable existing service providers and to bring them on the platform. Ankit Chowdhary says that the gadget repair service industry is a $2 billion opportunity.
The company competes with Hyderabad-based smartphone repair e-commerce platform JustLikeNew Technologies. In September 2016, the company raised $500,000 in angel funding from various angel investors.