As more and more first generation Internet entrepreneurs look for opportunities in investing in startups, apparel ecommerce firm Jabong’s founders Pravin Sinha and Arun Chandra Mohan invested in Wassup, an online laundry services startup, based out of Chennai, owned by Laundry Projects Pvt. Ltd.
Sinha and Mohan have invested an undisclosed amount, in a pre-Series A round of funding which totals up to $2 Mn, and has a clutch of other investors. “This is not a social service we are doing. Apart from Jabong we want to set up more ventures, which we cannot do it alone. So we would like to invest in businesses which we believe is scalable,” said Praveen Sinha.
When on-demand is the new buzz word, it is for reason that investors won’t be wooed. From cabs’ availability to grocery shopping, everything seems to be moving to an on-demand model, a term first coined by the IT industry, now loosely used by the e-commerce fraternity. Why not? Globally, the on-demand convenience industry is estimated at $9 Bn, laundry services just being a part of it.
In India, however, the laundry services that is dominated by unorganised players is pegged at INR 200K Cr. Balachandar R and Durga Das saw a rising demand to organise the unorganised, and started Wassup, which offers on-demand laundry service at your doorstep.
Within 4 years this Chennai-based startup caught attention of the apparel ecommerce giant Jabong’s founders Pravin Sinha and Arun Chandra and angel investor Micky Watwani. With the new funding raised, the startup plans to focus on its marketing and customer acquisition activities in Bangalore, Delhi and Chennai.
Founded in 2011 by Balachandar R and Durga Das, Wassup offers services like laundry, dry cleaning, shoes and bag refurbishments. Presently, the startup has its presence in 3 cities with 30 pickup points called “Aggregating Hubs”. With the investment raised, the startup plans to expand in 100 more cities in a span of three years with a customer base of around 1 million. Besides, it also plans to open 30 more aggregating hubs in next six months.