This is the first round of external funding raised by the company,
“We think that the professional home services (market) will see multifold growth in the coming years both due to changes in lifestyles as well income levels in major metros,” said Sushanto Mitra, Lead Angels.
Mumbai-based TimeMyTask Services Pvt Ltd, which runs online portal TimeMyTask.com, will use the money to expand to more suburbs in the city and to launch new technology applications.
“We have developed proprietary processes for cleaning. So, our customers get a fair estimate of what they need to get cleaned and what they are paying for,” said Suman.
“Further, we have developed a quick and efficient training module which can convert anyone into a professional cleaner in one week,” he added.
In the recent past, the on-demand home services space has seen a spate of investments as also consolidation events. Only this week, home services provider Zimmber acquired Findyahan India, a hyperlocal marketplace for services for an undisclosed amount.
Early this month, Amazon-backed Housejoy, an on-demand home services provider, bought laundry and cleaning company MyWash. In January, Gurgaon-based mobile services marketplace, UrbanClap, had acquired after-sales service platform HandyHome. In November last year, Mumbai-based Crenovative Ideas Pvt Ltd, which operates home services startup Taskbob, had acquired Zepper Services Pvt Ltd.
TimeMyTask claims to have served over 5,000 customers and completed over 25,000 hours of cleaning sessions since its inception.
Talking about the opportunities in the home services space, Suman said, “With improving infrastructure, increasing income levels and pace of urban lifestyles, the opportunity to provide professional home services will increase in the future. Moreover, quality home cleaning services are one of the toughest services to roll. Once having done that successfully, it is easier to roll out other home services which we propose to do.
After opening up its second hub in Mumbai last quarter, TimeMyTask claims to have doubled its revenue. It is planning to expand more in the city.
“The startups has been facing problem to bring more taskers on board and maintaining high quality of services but we have worked constantly on it and now have negligible complaints,” Suman further said.
The online home services sector which includes laundry, carpentry, plumbing, repairing, cleaning among others, is growing rapidly in the country. According to data analytics firm Tracxn’s report, around 69 new startups were founded in 2014. VC firms had put in over $25 million in more than 100 home services firms.
Startps like Doormint, SellYourTime, HandyHome, Housejoy were launched in 2015 and Bessemer Venture Partners, Brand Capital, Matrix Partners, SAIF Partners, Tiger Global were among the top venture firms to back homes services startups in 2015.
Lead Angels, which was started by a team of three originally from IIT Bombay, works closely with student entrepreneurship cells, incubators and alumni networks and also invests in ideas at a conceptual stage. It currently has chapters in Mumbai, New Delhi, Ahmedabad, Hyderabad and Bangalore.