MyDidi, an on-demand cleaning service provider, has now announced that it has acquired its rival TimeMyTask in an all-stock deal. With this deal, the entire team of TimeMyTask will now be working for MyDidi and the company will also absorb the startup’s technology stack.
While the financial details of the transaction have not been revealed, some reports suggest that the valuation of the merged entity is around $10 million to $15 million. This also marks the first acquisition by MyDidi since its foundation.
Post acquisition, the merged entity will operate under the brand of MyDidi. This will enable them to access TimeMyTask’s specialization in intensive and B2B cleaning along with the on-demand home cleaning services that it already offers.
Commenting on this development, Jhonny Jha, CEO of MyDidi, said,
TimeMyTask has about 10,000 customers and a fleet of 200 cleaners who will join our team. That would help us multiply our customer base by 1.5 times.
Further, the deal has now opened doors for MyDidi to expand its Business to Business (B2B) operations in Delhi, Bengaluru, and Pune. The company is already present in Mumbai and is operating on a Business to Customer (B2C) service.
TimeMyTask co-founders Saurav Suman and Mohit Verma will now be leading the B2B segment for this new combined entity. Also, with this merger, MyDidi is looking to introduce a new category beyond the existing on-demand maids and deep cleaning services. Shedding light on this, Suman of TimeMyTask, said,
We plan to introduce commercial cleaning as a service. The merger will help us tackle the whole cleaning problem with three vast categories, namely on-demand maids, deep cleaning and commercial cleaning.
Founded in 2015, MyDidi has been funded by international angel investors including former and current McKinsey partners, among others. It has raised about $700,000 in two funding rounds so far. It is also looking to raise its Series-A round by March-April.
With ticket sizes in the B2B sector ranging between Rs 50,000 and Rs 3,00,000 and an average order value of Rs 1,500 in the segment, the company is targeting for profitability in the coming 4-5 months.
