Gadget repair startup iService gets $440K in seed funding
Bengaluru-based ServiceMonk Technologies Pvt Ltd, which operates gadget repair startup iService, has raised Rs 3 crore (about $440,000) in seed funding led by Blume Ventures.
Freshdesk co-founder Girish Mathrubootham and TaxiForSure co-founder Aprameya Radhakrishna also invested in this round, the startup said in a statement on Friday. Tapzo chief executive Ankur Singla, former Flipkart executive Mekin Maheshwari and Belong co-founder Vijay Sharma put in money as well, it added.
The company said it will use the funding to expand to new regions, hire staff and invest in product and technology.
"iService is solving the issue of broken after-sales service in India" said Ankit Chowdhary, co-founder of iService. Chowdhary said he started iService as a hobby and soon realised the need to create a "reliable and economical solution" to repair gadgets.
Chowdhary founded iService along with his PES College of Engineering peer Pratheek Vinod Kumar in 2013.
The startup is a platform for mobile and laptop repairs, where a user can book a service request online. Users can also go to one of the company's offline stores.
It offers its service in Delhi and Bengaluru and claims to have served more than 30,000 customers. It plans to enter six new cities by the end of 2017. The startup employs 35 people.
Karthik Reddy, managing partner at Blume Ventures, said Chowdhary has "a great understanding of the customer, the changing trends, the supply chain and the retail experience required to build a branded differentiated service" in the gadget repair segment.
iService joins gadget repair startups Gadgetwood and Repaireasy in raising funds.
Gadgetwood raised nearly Rs 40 crore from homegrown private equity firm Carpediem Capital in September 2016.
Repaireasy mobilised $275,000 in a pre-Series A round from investors including Morris Street Advisors in August last year.