Chennai-based startup Wassup, a provider of on-demand laundry service, on Tuesday said it has raised $ 2 million from the founders of Jabong - Arun Chandra Mohan and Praveen Sinha (in their personal capacity).
Founded in 2011, Wassup presently has operations in Bengaluru, Delhi, Chennai and will soon expand to Pune and Cochin. It aims to be present in 100 cities in the next three year and is looking to raise more money to fund these plans.
“The investment by Arun and Praveen is a pre-series A investment and we are looking at raising $ 10-15 million (including $ 2 million raised) in the next 8-12 months. This will lead to a dilution of about 30 per cent stake,” Wassup co-founder and CEO Balachandar R told reporters. Jabong co-founders will be associated with the company in an advisory role.
“We are looking to service the daily laundry requirements of middle class Indian consumers which are currently being addressed by a maid servant or by self-wash. About 95 per cent of the market is still unorganised and there is a huge potential to move that to organised online route,” he said.
According to industry estimates, while the organised market is worth Rs. 5,400 crore, the Indian laundry industry presents total opportunity worth about Rs. 2 lakh crore.
“The intent is to be present in about 100 cities in the next three years. We will also add personal care, home care, car care, pet care and handyman services to the portfolio through our technology platform in the near future,” he said.
Wassup has about 100 employees and expects to provide employment to about 5,000 people in three years as the company expands.
