Wassup Laundry, an on-demand laundry and dry cleaning convenience brand co-founded by Balachandar.R and Durga Das, recognized among the Top 3 Best retail Startups for 2017 has acquired Doormint from its promoters and angel investors. Through this transaction lead VC investors in Doormint namely Kalaari Capital and Helion Ventures will continue to hold equity in Wassup.
Commenting on this transaction Mr. Balachandar, Founder & CEO, Wassup said, “Wassup is excited to announce its partnership with Kalaari Capital & Helion Ventures, two leading venture capital firms. We are happy to have Mr. Rajesh Raju guide and mentor us in our growth path and will add value with his experience and vision”.
Speaking on the occasion Ms. Durga Das, Founder & MD, Wassup added, “Wassup has a solid business model that is capable of scaling to be the market leader in this space. We thank all the stakeholders including our investors, employees, consumers and vendors for supporting us in this journey. We are happy to welcome Kalaari and Helion as part of our team and believe that they can add a lot of value in our journey to be the market leader.”
Commenting on this transaction Mr. Rajesh Raju MD of Kalaari Capital said that “We believe in consumer and retail businesses which build sustainable long term value. We have seen the online laundry space go through rough times but believe that Wassup has a unique hybrid model with strong unit economics and a brand of national presence that can be leveraged to create a leading Laundry brand in India.”
Wassup is present in 50 stores across 7 cities servicing over 3 lakh customers and has so far washed over 50 Million pcs. Leading investors in Wassup include Mr.Anil Jain (MD Refex Energy), Mr.B.S.Nagesh (Founder Trrain, Vice Chairman Shoppers Stop), Mr.Lalit Mangal (Founder, Commonfloor.com), Mr.Neeraj Gupta (Founder FormulatePR) Mr.Praveen Sinha (Founder Jabong), Mr.Ranga Iyer (Ex CEO Wyeth), Mr.Mani Subramanian (Ex CEO, Barclays India Operations).
Wassup has been co founded by R Balachandar, a gold medalist in his MBA program and the former Retail Head for Hidesign and Durga Das, a silicon valley entreprenuer with over twenty five years of start up experience in the hi tech world. Wassup has been seed funded by Das Star Ventures.