 "Doormint raises $3 million in Series-A round led by Helion Ventures")
Doormint, a home service provider, has raised around $3 million (Rs 19 crore) in its Series A Funding from Helion Ventures and Kalaari Capital. The investment will help the company expand its current service network in Mumbai and to enter three more cities. The company also said in the next three to four months it would look at raising around $15 million to $20 million.
Currently company offers services including electrical works, plumbing, pest control, carpentering, AC and appliances related repair services, cleaning, laundry and others.
Abhinav Agarwal, founder and CEO of Doormint said that with the funding, Doormint plans to get connected with more customers to understand their requirements, expansion campaign and others. In the next three months the company will also start its services at Delhi, Gurgaon and Bengaluru. At present the company has around 40-50 people and will expand the team to around 150-200 by next year.
Number of services providers (suppliers) with the company is currently at around 400-500 in Mumbai and this will be increased to 1000-1500 as it expand operations to other three cities.
“By next year we will have operations in all the tier I cities and looking at service run-rate of around 1500-2000 a day as compared to 150-200 service a day currently,” said Agarwal, adding that average ticket size of a service is around Rs 500 currently. Currently the margin is around 10-20 per cent.
He added, after 3-4 months the company is planning to go for Series B fund raising, which will be in the range of around $15-20 million and it will be primarily to support company's brand building efforts.
Ritesh Banglani, partner at Helion Ventures commented that on-demand home services is a fast-growing market in urban areas where tech savvy consumers seek time-saving resources to meet their household needs of maintenance and repair.
“Doormint’s key differentiation of a branded service nature that takes full responsibility for service delivery and customer satisfaction along with convenient and superior product offerings such as one-touch home service to eliminate calling, upfront pricing and post service warranty are pegged to make it the market leader."
“The latest investment comes as a major shot in the arm, enabling us to expand and consolidate our service network in Mumbai while also proliferating in other metro cities. We have complete faith that with our superior service penetration and customer-oriented mobile interface, we will establish ourselves as a market leader in the next 6-8 months,” said Agarwal.
Currently company offers services including electrical works, plumbing, pest control, carpentering, AC and appliances related repair services, cleaning, laundry and others.
Abhinav Agarwal, founder and CEO of Doormint said that with the funding, Doormint plans to get connected with more customers to understand their requirements, expansion campaign and others. In the next three months the company will also start its services at Delhi, Gurgaon and Bengaluru. At present the company has around 40-50 people and will expand the team to around 150-200 by next year.
Number of services providers (suppliers) with the company is currently at around 400-500 in Mumbai and this will be increased to 1000-1500 as it expand operations to other three cities.
“By next year we will have operations in all the tier I cities and looking at service run-rate of around 1500-2000 a day as compared to 150-200 service a day currently,” said Agarwal, adding that average ticket size of a service is around Rs 500 currently. Currently the margin is around 10-20 per cent.
He added, after 3-4 months the company is planning to go for Series B fund raising, which will be in the range of around $15-20 million and it will be primarily to support company's brand building efforts.
Ritesh Banglani, partner at Helion Ventures commented that on-demand home services is a fast-growing market in urban areas where tech savvy consumers seek time-saving resources to meet their household needs of maintenance and repair.
“Doormint’s key differentiation of a branded service nature that takes full responsibility for service delivery and customer satisfaction along with convenient and superior product offerings such as one-touch home service to eliminate calling, upfront pricing and post service warranty are pegged to make it the market leader."
“The latest investment comes as a major shot in the arm, enabling us to expand and consolidate our service network in Mumbai while also proliferating in other metro cities. We have complete faith that with our superior service penetration and customer-oriented mobile interface, we will establish ourselves as a market leader in the next 6-8 months,” said Agarwal.