Chennai-based on-demand laundry and refurbishment service Wassup today announced that it has acquired laundry service provider Chamak in Mumbai for an undisclosed amount in a full equity deal. The acquisition allows Chennai-Wassup, owned by Laundry Project India Pvt Ltd, to add Mumbai to its existing network of operation and strengthen its laundry services play.

Founded in 2011 and seed funded by a US based participative venture capital firm called Das Star Ventures Pvt Ltd., Wassup claims to b India's first friendly neighbourhood laundry & dry cleaning service. It has a free home pickup and delivery service.

Chamak, on other hand, has been backed by investors like Kensington Capital, Index Advisory, Innosight Ventures, Calvert Investments and high net worth individuals like Rajan Mariwala (Marico Group) and Sandeep Tandon, who has also invested in Freecharge and Tiny Owl.

In May, Wassup raised $2 million in pre-Series A funding from Arun Chandra Mohan and Praveen Sinha, co-founders of Rocket Internet-incubated lifestyle e-tailer

Wassup has been operational in Chennai for the last 4 years across 10+ stores through its franchisee model. It also starting its services in Bengaluru with its first company owned store on Kundanahalli/ Tubarahalli road on Whitefield. Pune, Cochin and Delhi operations were launched recently.

The Chamak acquisition deal is in line with Wassup's plan of expanding into 100 cities over the next three years. The four-year-old startup operates in Delhi, Bangalore, Chennai, Cochin and Pune. It also has 30 offline points where customers can drop garments for laundry.

The on-demand convenience industry is pegged at USD 9 billion, globally. The laundry market is estimated to be valued at Rs 2,00,000 crores annually, out of which 95 per cent is unorganised.

Post a Comment

Previous Post Next Post
Like this content? Sign up for our daily newsletter to get latest updates.