MyDidi acquires TimeMyTask, valuing merged entity at $15 million
Bengaluru – Jan 30, 2017. RedNewswire/-
Mumbai-based on-demand cleaning services provider MyDidi has acquired peer TimeMyTask in an all-stock deal. MyDidi will absorb all the employees and the technology stack of TimeMyTask through this deal. The deal values the merged entity at around $10-15 million.
This is MyDidi’s first acquisition since it set up shop in June 2015. The merged entity will operate under the brand name of MyDidi and will enable the company to access TimeMyTask’s specialisation in intensive and B2B cleaning.
The deal gives MyDidi access to B2B operations in Delhi, Bengaluru and Pune apart from its own B2C business in Mumbai.
Jhonny Jha, CEO of MyDidi, said….
“TimeMyTask has about 10,000 customers and a fleet of 200 cleaners who will join our team. That would help us multiply our customer base by 1.5 times.”
TimeMyTask cofounders Saurav Suman and Mohit Verma will lead the B2B segment for the new entity.
Saurav Suman, co-founder, TimeMyTask said…
“We plan to introduce commercial cleaning as a service. The merger will help us tackle the whole cleaning problem with three vast categories, namely on-demand maids, deep cleaning and commercial cleaning”
The acquisition will help MyDidi in strengthening its own organic revenue stream that would reduce external fund-raising requirement.
MyDidi has earlier raised $150K in seed funding from international investors including the names of Jozef Bardik, Leo Wang and Sangeet Ram in November 2015.
In February 2016, Timemytask had raised an undisclosed amount of angel funding from angel investor network.