 "BigBasket co-founder Abhinay Choudhari's LaundryMate raises $6.25 mn")
LaundryMate.in, an online laundry services brand founded by BigBasket co-founder Abhinay Choudhari, has raised $6.25 million in a pre-Series A funding round from Blume Founders Fund and several high net worth individuals and top industry executives. These include Ola co-founder Ankit Bhati, Deepak Goyal, managing partner, BCG, USA, and Charudatta Deshpande, managing director, Cilix Capital. Other investors include Jignesh Bhate, chief executive, Molecular Connections, Karan Singh, co-founder, Trilegal and Sandeep Gupta, managing director, Broad Peak Investment Advisors, Singapore.
The funding would help the Bengaluru-based firm scale up operations. It would help in its mission to roll its services across 30 cities in the next 10 years. The firm is aiming to achieve an annual revenue run rate of $1 billion by 2033. The company launched in 2022 is also in talks with investors to raise $10 million-$15 million in a Series A round.
“I wanted to solve the laundry chore for millions of Indian households to save the unproductive time currently being spent on this activity. We have got tremendous response from our customers and this fundraise will help us scale up fast to become the leader and a preferred laundry brand in Bangalore in the next 6-9 months,” said Abhinay Choudhari, Co-Founder and chief executive officer, LaundryMate. “Our mission is to roll out our services across 30 cities in the next 10 years and to achieve an annual revenue run rate of $1 billion by 2033. Very soon we will be raising $10 million to $15 million in our Series A round to fund our national expansion.”
LaundryMate is an integrated service provider which owns the backend and the last-mile delivery. It leverages digital technology to offer frictionless ordering, tracking and delivery of laundry within 24 hours through a doorstep pick-up and delivery model. It has built the entire tech stack of consumer and delivery apps and proprietary laundry ERP (enterprise resource planning) from scratch.
“We have had a strong belief in the untapped potential of the 'Industrialisation of laundry' for everyday consumers,” said Sarita Raichura, who is leading Blume Founders Fund. “We envision a future where LaundryMate's expansive reach saves valuable time for urban families while making a positive environmental impact through water conservation.”
LaundryMate competes with other laundry services firms such as Pressto, LaundroKart and Wassup Laundry. India’s overall addressable market for laundry services is expected to grow up to $15 billion by 2025, from $11.3 billion in 2019, according to a report by consulting firm Redseer.