On-demand electronics services startup HandyHome secures $500K from Bessemer, Kae Capital
On-demand electronics services startup HandyHome.in has raised Rs 3.2 crore ($500K) in seed funding from Bessemer Ventures and Kae Capital. The deal was closed in the second week of June 2015, as per a press statement.
Mumbai-based Handy Home Solutions Pvt Ltd, which operates the portal, will use the money to expand services into 10 more cities over two-three months.
The service, which is presently available only in Mumbai, will be extended to Delhi, Bangalore, Kolkata, Hyderabad, Chennai and Pune in the next few months. HandyHome will also use the funds to ramp up headcount.
HandyHome was started in January this year by six IIT Bombay graduates—Akash Goel (previously with AT Kearney), Manthan Shah (former ITC executive), Aditya Gupta (previously with Microsoft), Kartikeya Datt (former HT executive), Bonish Gandhi and Harmin Shah (former Housing executives). All co-founders are 23 years old.
HandyHome provides end-to-end solutions for sales services of electronic appliances. If a customer needs home/kitchen appliance repair for products that are out of the warranty period, he/she can open the app and order a repair through couple of clicks. The brand's authorised service technician will be at his/her doorstep.
The startup claims that it caters to more than 150 households everyday and that it has over 40 appliances on its platform.
Currently, it has a team of 35 people and aims to grow the headcount to 100 employees by the end of this year. The firm has tied up with eight brands and is tying up with 10 more.
For Bessemer Venture Partners, this is the fifth investment this year. It has also put money in companies such as Vidooly Media Tech, Applied Solar Technologies India, Holiday Triangle Travel and Manak Waste Management.
VC fund Kae Capital's recent investment portfolio includes names such as Resfeber Labs, Paix Technology, Nudgespot Technologies and others.