LaundryMate Raises $6.25 Million in Pre-Series A Funding for Online Laundry Services Expansion
- ByStartupStory | May 30, 2023
LaundryMate, an online laundry services startup established by Abhinay Choudhary, co-founder of Bigbasket, announced on Monday that it has secured Rs 50 crore ($6.25 million) in pre-series-A funding. The investment was provided by the Blume Founders Fund and several angel investors.
According to a news release from LaundryMate, the pre-series-A funding for the online laundry services startup included notable investors such as Ankit Bhati, the co-founder of Ola; Deepak Goyal, the managing partner of Boston Consulting Group; Karan Singh, the co-founder of Trilegal; and Sankalp Saxena, the managing director of Nutanix India.
LaundryMate has announced the establishment of India’s largest laundry facility in Bengaluru, capable of processing 65,000 garments daily. The facility is equipped with state-of-the-art machines sourced from Belgium, Italy, Turkey, the US, and Dubai. Additionally, LaundryMate has imported a cutting-edge water treatment and recycling solution from the Netherlands.
“Very soon we will be raising $10-15 million in our Series A round to fund our national expansion,” Choudhary said.
LaundryMate, established in October 2022 in Bengaluru, was co-founded by Choudhari, Raghavendra Joshi, Tripat Preet Singh, Uday Vijayan, Asad Zaidi, and Pushpendra Yadav. The startup provides laundry services to both the B2C and B2B sectors. Choudhari, who had previously held positions at Mitsubishi Corp and Infosys, departed from Bigbasket in 2021, shortly after Tata Digital acquired a majority stake in the online grocery platform.
According to a report published in 2021 by Redseer, a consulting firm, the laundry market in the country was projected to reach a substantial value of $15 billion by 2025.
“We have had a strong belief in the untapped potential of the ‘industrialisation of laundry’ for everyday consumers,” said Sarita Raichura of the Blume Founders Fund.
Blume Founders Fund, an initiative of Blume Ventures, specializes in investing in pre-seed, seed, and pre-Series-A startups. In December, the venture capital firm successfully concluded its fourth fund dedicated to India, raising a significant corpus of $250 million. This latest fund is their largest to date, more than doubling the size of their previous fund.
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