Bengaluru's online laundry services brand LaundryMate.in has successfully secured Rs 50 crores (approximately $6.25 million) in a pre-series A funding round on Tuesday, May 29. The round was led by Blume Founders Fund, with participation from prominent high-net-worth individuals (HNIs) and chief executive officers (CXOs), including Ankit Bhati (Co-founder of Ola) and Deepak Goyal (Managing Partner at BCG, USA).
Launched in October 2022, LaundryMate has quickly gained prominence in the Indian laundry services market. The company offers a range of services, including Drycleaning, Wash & Iron, Wash & Fold, and Steam Iron. It is known for its efficient 24-hour turnaround time and high-quality service.
This recent funding injection arrives at a strategic juncture for LaundryMate, as it aims to seize the growing opportunities within the Indian laundry market. According to a report by Redseer, the market's overall addressable value is projected to reach a staggering $14 billion by 2025.
Also read: CoinSwitch Ventures' Web3 Discovery Fund fuels $25 million in funding for startups
With a strong focus on the B2C segment, which accounts for 80 percent of the market, LaundryMate aims to capture a significant share of the $10 billion Laundry@home spend.
LaundryMate claims to operates the largest and most advanced laundry facility in Bengaluru. The company has made significant investments in state-of-the-art machinery sourced from reputable manufacturers worldwide, including Belgium, Italy, Turkey, USA, and Dubai.
Notably, LaundryMate's dedication to sustainability is evident in its utilisation of an advanced water treatment and recycling system, which has been imported from the Netherlands.
Also read: Inside the bootcamp sessions that are prepping India’s startups for funding success
The company also prioritises eco-conscious practices, incorporating water recycling initiatives, eliminating plastic packaging, and exclusively utilising 100 oercent electric vehicles for last-mile delivery.
Abhinay Choudhari, Co-Founder and CEO of LaundryMate, expressed his excitement about the recent funding and outlined the company's ambitious plans for expansion.
He stated, "Our success in revolutionising the grocery chore through BigBasket has inspired us to address the laundry needs of millions of Indian households. With the overwhelming response from our customers, this funding will accelerate our growth and establish LaundryMate as the leading laundry brand in Bengaluru within the next 6-9 months."
Choudhari also revealed LaundryMate's vision to expand its services to 30 cities in the next decade, aiming for an annual revenue run rate of $1 billion by 2033. The company is actively preparing for a Series A funding round to support its national expansion, with a target of raising $10-15 million.
Also read: Harsh Mariwala’s Marico Innovation Foundation incubated S4S Technologies hits Rs 100 crore revenue
Launched in October 2022, LaundryMate has quickly gained prominence in the Indian laundry services market. The company offers a range of services, including Drycleaning, Wash & Iron, Wash & Fold, and Steam Iron. It is known for its efficient 24-hour turnaround time and high-quality service.
This recent funding injection arrives at a strategic juncture for LaundryMate, as it aims to seize the growing opportunities within the Indian laundry market. According to a report by Redseer, the market's overall addressable value is projected to reach a staggering $14 billion by 2025.
Also read: CoinSwitch Ventures' Web3 Discovery Fund fuels $25 million in funding for startups
With a strong focus on the B2C segment, which accounts for 80 percent of the market, LaundryMate aims to capture a significant share of the $10 billion Laundry@home spend.
LaundryMate claims to operates the largest and most advanced laundry facility in Bengaluru. The company has made significant investments in state-of-the-art machinery sourced from reputable manufacturers worldwide, including Belgium, Italy, Turkey, USA, and Dubai.
Notably, LaundryMate's dedication to sustainability is evident in its utilisation of an advanced water treatment and recycling system, which has been imported from the Netherlands.
Also read: Inside the bootcamp sessions that are prepping India’s startups for funding success
The company also prioritises eco-conscious practices, incorporating water recycling initiatives, eliminating plastic packaging, and exclusively utilising 100 oercent electric vehicles for last-mile delivery.
Abhinay Choudhari, Co-Founder and CEO of LaundryMate, expressed his excitement about the recent funding and outlined the company's ambitious plans for expansion.
He stated, "Our success in revolutionising the grocery chore through BigBasket has inspired us to address the laundry needs of millions of Indian households. With the overwhelming response from our customers, this funding will accelerate our growth and establish LaundryMate as the leading laundry brand in Bengaluru within the next 6-9 months."
Choudhari also revealed LaundryMate's vision to expand its services to 30 cities in the next decade, aiming for an annual revenue run rate of $1 billion by 2033. The company is actively preparing for a Series A funding round to support its national expansion, with a target of raising $10-15 million.
Also read: Harsh Mariwala’s Marico Innovation Foundation incubated S4S Technologies hits Rs 100 crore revenue
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