India: Amazon leads $23m funding in Housejoy

Visual from Housejoy website

On-demand home services marketplace Housejoy has raised nearly $23 million (Rs 150 crore) in series B round of funding led by e-commerce company Amazon, according to a statement.

Others who participated in the round include existing investor Matrix Partners, Temasek’s venture capital arm Vertex Ventures, Qualcomm, and Ru-Net Technology Partners.

The fresh funds will be used to grow and innovate the category with better enhanced technology and also to help solve deep operational issues, make strategic acquisitions and partnerships and to build the existing team, the statement said.

The Bengaluru-based startup provides a wide variety of services ranging from maintenance and home repairs to high quality plumbing, electrical, computer repairs and also specialised services in beauty and in-house bridal make-up.

With the new investment, Housejoy aims to be present in more than 10 cities and have 50,000 service providers on the platform to serve 100,000 jobs per day in the near future.

“This round is a great validation of our growth, team strength and ability to execute in these short nine months. We will be build out our team aggressively and are open to partner with companies in the ecosystem to deliver customer delight,” said Saran Chatterjee, CEO of Housejoy.

Global e-commerce player Amazon has been looking at newer areas for investment as it seeks to give a tough competition to India’s e-commerce biggies FlipKart and Snapdeal.

This is, however, not the first time that Amazon has invested in an Indian startup in a bid to diversify its offerings beyond product commerce. It has already invested in startups like BankBazaar and gift card technology and retail firm QwikCilver.

“Housejoy seeks to provide customers with a differentiated experience in shopping for home services. This aligns with our mission in India – to transform the way India buys and sells. We are excited to back the housejoy team that shares our obsession for inventing on behalf of customers with a long term focus,” said Amit Agarwal, vice-president and country manager at Amazon India.

Started by online bookstore BookAdda’s founder Arjun Kumar and Sunil Goel a year ago, Housejoy raised $4 million in series A funding from Matrix Partners in June this year. It competes with the likes of LocalOye, Timesaverz, UrbanPro, Taskbob and Qyk in its space.

Housejoy claims to be growing at a rapid pace on a month-on-month basis and is currently fulfilling more than 4000 orders a day. The startup has partnered with more than 10,000 service providers across eleven cities on its platform, and recently expanded operations to Chandigarh as well.

Also Read: India: Amazon in talks to pick stake in Housejoy

India: Ex-FlipKart exec Saran Chatterjee joins Housejoy as CEO

Indian online home services sector in consolidation mode

 

 

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.