Taskbob, home services startup, has raised $4.5 million in Series A round of funding. The funding was led by IvyCap Ventures, with existing investors Orios and Mayfield participating in the round. The company operated under Crenovative Ideas Pvt. Ltd, will be using the funds to expand the product and boost its foothold in the hyperlocal services sector.
Founded by Aseem Khare, Abhiroop Medhekar, Ajay Bhatt and Amit Chahalia, this Mumbai based startup provides home services like home cleaning, car spa, handymen services, drivers, appliance repair, maids on demand & at-home beauty services. The founders are all IIT Bombay and IIM Ahmedabad alumni.
COO and one of the founders of the company Abhiroop quoted, “We are selective in who we choose and evaluated around 2500 professionals to handpick the top 10-15%.”
The company recently acquired its Bangalore based competitor Zepper and claims to have over a lakh users in Mumbai. On the same Aseem stated that the startup estimates that it has a fulfilment rate of over 80 per cent, with 90 per cent of their customers rating them four or five stars.
Over next 18 months, Taskbob plans to scale to 10,000 orders per day and achieve profitability at a unit level in Mumbai. During a telephonic conversation with Abhiroop, he stated that the company will be launching its services in Bangalore in another 45-60 days and then in another 4-5 cities in another 18 months.
Founder and Managing Partner of IvyCap Ventures Vikram Gupta said, “We know home services is a large market, and we believe Taskbob has created an amazing business model to address a large part of this market. It helps that several macro factors that have converged today that make this business attractive – be it a highly mobile busy urban demographic that is the initial target market, or the increasing uberization of services in a mobile first world, or even the increasing comfort level with online transactions in general.”
Some of the potent competitors to Taskbob include, LocalOye, Zimmber, MrRight, Urban Pro and TimeSaverz.Category Investments News