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Pick My Laundry receives $200k funding in angel round

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Gurgaon-based Pick My Laundry startup has raised Rs 1.3 crore in an angel round of investment, will now set up offline stores. 

New Delhi- Nov 1, 2016. Rednewswire/-

Gurugram-based Pick My Laundry startup has raised $200k and is also reported to have a commitment to another $300k funding from some angel investors. When many laundry startups are failing , this startup has managed to survive well. Most investors are concerned when it comes to investing in on-demand businesses but this company has secured funding from Kedar Lee and GHV Accelerator.

The company is also ready to establish offline stores to decrease their logistics which costs Rs 100 per order at present. Pick My Laundry was founded by Gaurav Agarwal, Ankur Jain and Samar Sisodia in 2015. The company had earlier raised $100k from Anurag Kapoor, Executive director, GHV Accelerator.

Pick My Laundry claims to have an organic growth of 10 percent every month. “We do about 3,000 clothes (except B2B deals) every day. The number touches 4,000 on weekends. ” says Gaurav Agarwal. The company also provides B2B services (laundry for hotels/guest houses) which alone generates a revenue of INR 10 lakhs.

Though the investment is small, it is still important for the company as the founders believe that they haven’t encountered an investment in this domain this year like the previous year. Investors faith in on-demand laundry services seem to have faded away. This has caused several startups like Mywash and Doormint to shut their business or get acquihired.

These startups failed to understand the problems faced when a business in technology related. A good amount of consistency and long term vision is needed to succeed in every business. These fundamentals must be understood by every entrepreneur.

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