Taskbob raises $4.5M Series A funding from IvyCap Ventures, others

22 Feb, 2016

Mumbai-based Crenovative Ideas Pvt Ltd, which operates home services startup Taskbob, has secured $4.5 million (around Rs 30.8 crore) in Series A funding led by IvyCap Ventures with participation from existing investors Orios Venture Partners and Mayfield India.

The capital raised will be used to strengthen its market reach in the hyperlocal services sector, it said in a statement.

It plans to scale to 10,000 orders per day, expand its operations to another four-five cities and to achieve unit level profitability in Mumbai over next 18 months.

The company claims that it currently receives 800-1000 bookings a day from around one lakh users in Mumbai.

Founded by IIT Bombay graduates Aseem Khare and Abhiroop Medhekar in November 2014, Taskbob connects users to pre-screened professional servicemen to fix household appliances such as air conditioners, washing machines, computers and refrigerators.

Khare, who is also a CFA, started his career with Lehman Brothers and after its bankruptcy, spent five years with Nomura. In 2013 he quit to launch his first venture Shaukk, a mobile-only social network connecting users of similar interests.

Medhekar did his MBA from IIM Ahmedabad after his computer engineering from IIT Bombay and spent five years with McKinsey before joining Khare in TaskBob.

Taskbob started off with an app-only model and subsequently opened a mobile site, a website and a calling feature to provide for multiple channels of approach.

In November last year, the company had acquired its smaller rival Zepper Services Pvt Ltd with a plan to enter the lucrative but intensively competitive Bangalore market.

Taskbob had raised $1.2 million (Rs 7.5 crore) in seed funding led by Orios Venture Partners with participation of Mayfield India in April 2015.

In just three or so years, some 100 home and local services firms have emerged providing a broad gamut of services, ranging from handyman's jobs to home cleaning, car washing, laundry, pest control and even hobby classes.

While no clear leader has yet emerged, a slew of startups, armed with investor cash, such as UrbanClap, Housejoy, Helpi, LocalOye, UrbanPro and Timesaverz, are going after India's urban households.

At least a dozen startups have received funding in the last two years with deep-pocketed investors and entrepreneurs, such as Ratan Tata, Amazon India Ltd, SAIF Partners, Bessemer Venture Partners, Accel Partners and Matrix Partners making financial bets.

According to VCCEdge data, players such as Housejoy, UrbanClap, Zimmber, Timesaverz, LocalOye alone have collectively raised $70.05 million so far. Of that, Housejoy and Urban Clap have raised about $26.97 million and $34.14 million, respectively.

Besides them, legacy local classifieds players such as Sulekha.com New Media Pvt Ltd and Just Dial Ltd have also forayed into the online services market.

Meanwhile, the home services industry is also witnessing early signs of consolidation. In addition to Taskbob acquiring Zepper, Paytm acquired home services provider Near in December and last week, Housejoy acquired startup My Wash Technologies Pvt Ltd. earlier this month, and most recently Zimmber acquired Gurgaon-based FindYahan India Pvt Ltd.