DoneThing, an on-demand personal assistant service platform, has reportedly raised a funding round worth $300,000 from Brand Capital, the investment arm of Bennett, Coleman and Co Ltd, which owns and publishes several leading newspapers, including Times of India and The Economic Times.
The startup will use the newly infused funding for geographical growth and service expansion. Karan Saharan, co-founder of the startup, said,
With this fresh round of funding, we are aiming at a two-pronged approach -tapping newer geographies, like Bengaluru and Mumbai, and making our presence in the Delhi-NCR market more robust. This deal is a precursor to the bigger fun ding round to follow.
Commenting on the involvement of Brand Capital in DoneThing, the company’s spokesperson said:
DoneThing addresses a very interesting problem and has a huge market to cater to. The team is a unique mix of professionals from different backgrounds. They have done a stupendous job in building the product and got a good traction in the business.
DoneThing was founded in 2015 by Karan Saharan, Chetan Agarwal, Sonal Saraogi and Rohit Pansari. The platform helps customers to get anything picked-dropped within the city, source items from market, outsource their daily tasks, find neighborhood service professionals and home services, among other tasks. Prior to this funding round of $300,000, the company had raised $230,000 from Hong Kong-based Swastika in March last year as a part of its seed funding round.
The company’s service has been doing extremely well since its launch. It has seen an increase of over 40 per cent in its customer base in Q4 2016. The growth is attributed to Paul Shoker’s inclusion as an Advisory Board member who has been advising DoneThing since the last quarter and has been instrumental in guiding the company on the key objectives and the go-to-market strategies.
As per the report, the company is seeking to raise around $4 million in Series A funding round, and is also planning to fine-tune its efforts towards expanding its reach efficiently and attaining a much larger consumer base.