The Busy Brains
3 Jun 2023
LaundryMate, the online laundry services brand, raises $6.25 million in a pre-Series A funding round to fuel its expansion plans across India. Discover how LaundryMate's digital technology and doorstep delivery model are set to transform the laundry landscape, and its vision of launching services in 30 cities by 2033.
New Age Consumer Services Pvt Ltd, the parent company of LaundryMate, has successfully raised $6.25 million (Rs 50 crore) in a pre-Series A funding round. The funding round witnessed participation from Blume Founders Fund, as well as prominent angel investors from various domains.
The freshly raised funds will be strategically utilized by LaundryMate to facilitate its expansion across India. The online laundry services brand aims to establish its presence in 30 cities within the next decade, bringing its convenient and efficient services to a broader customer base.
LaundryMate, founded in 2022 by Abhinay Choudhari, Raghavendra Joshi, Tripat Preet Singh, Asad Zaidi, Uday Vijayan, and Pushpendra Yadav, operates as a Bengaluru-based online laundry services brand. Its platform offers a range of services, including dry cleaning, washing, ironing, and steam ironing.
Utilizing digital technology, LaundryMate ensures a seamless and hassle-free experience for customers. The platform enables frictionless ordering, tracking, and delivery of laundry within 24 hours through its convenient doorstep pick-up and delivery model.
Speaking about the development, Abhinay Choudhari, Co-Founder and chief executive officer, LaundryMate, said,
“I wanted to solve the laundry chore for millions of Indian households to save the unproductive time currently being spent on this activity. We have got tremendous response from our customers, and this fundraise will help us scale up fast to become the leader and a preferred laundry brand in Bangalore in the next 6-9 months.”
LaundryMate has built its entire tech stack, including consumer and delivery apps, as well as a proprietary laundry ERP (enterprise resource planning) system, from scratch. The brand operates Bengaluru's largest laundry facility, with a capacity to process 65,000 garments per day.
Abhinay, co-founder of LaundryMate, envisions the brand's services reaching 30 cities in the next 10 years and achieving an annual revenue run rate of $1 billion by 2033. To fuel its national expansion, LaundryMate plans to raise $10 million to $15 million in its upcoming Series A funding round.
Sarita Raichura, representing Blume Founders Fund, expressed confidence in LaundryMate's potential to revolutionize the laundry landscape in India. With its innovative approach and strong growth trajectory, LaundryMate is well-positioned to make a significant impact in the industry.
Commenting on the development, Sarita Raichura of Blume Founders Fund said,
“LaundryMate has caught our attention, and we’re thrilled to support them through the Blume Founders Fund program. We have had a strong belief in the untapped potential of the ‘Industrialisation of laundry’ for everyday consumers.”