Wassup, an on-demand laundry startup has today announced that it has raised around $3.2 million in its Series A round of funding from its existing investors. In this round, Anil Jain, MD, Refex Energy, has participated, among other high net worth individuals from India and the Middle East.
With new capital infusion, the startup is now looking forward to use the investment for expanding its business and to further strengthen its team by hiring new people. The company is now planning to expand to 25 cities and start operations in South-East Asia and West Asia.
Further, the money will also be used for improving the tech interface and increase its customer base through acquisitions of smaller companies and organic addition of customers.
Commenting on this investment, Anil Jain, who invested in the current round, said,
The company has a sustainable, scalable model and has been steadily growing since its start in 2011. Among several laundry service startups that sprung up in the last 18 months, some of which have shut down, Wassup has steadily added 7 cities to its list.
Prior to raising this Series A round of funding, the on-demand laundry startup had earlier raised $2million from Arun Chandra Mohan and Praveen Sinha, the co-founders of Jabong and angel investor Micky Watwani. It had also acquired two startups — Ezeewash and Fabfresco.
Founded in the year 2011, Wassup is targeted at the growing middle class Indian. They offer services like laundry, dry cleaning, shoes and bag refurbishments along with doorstep service in seven cities. Since the company provides omni-channel services, one can either schedule a service on the app or their website. It has B2C and B2B customers from the hospitality industry in Chennai, Bengaluru, Hyderabad, Kochi, Delhi, Mumbai and Pune.
Although many startups in this laundry service sector such as Washio, Mywash and Doormint have shut down, Wassup seems to be one key player in the sector which has sustained itself in the race.