To stay afloat and expand its market, Online marketplace for home services Timesaverz has raised $1 million from Bennett Coleman and Co. Ltd (BCCL).
The company raised the fund in January, according to the company’s filings with the Ministry of Corporate Affairs (MCA). The platform also issues five warrants valued at Rs 1.3 crore at warrant subscription price Rs 13 lakh. Timesaverz will use the invest to expand operations and for marketing.
Earlier in 2015, Timesaverz had secured $2.3 million (Rs 15 crore then) in Series A funding from Ronnie Screwvala’s Unilazer Ventures, . In 2014, it raised an undisclosed amount in seed funding led by Internet business professional Neville Taraporewalla and GSF Superangels founder Rajesh Sawhney.
Queries sent by Entrackr to Timesaverz’s co-founder Debadutta Upadhyaya remained unanswered till publishing of this report. According to RoC filing copies accessed by Entrackr, in the company Deb Upadhyaya has 5999 equity share (36 %) whereas Lavnish Bhatia holds 4000 equity share (24%) in the company.
Timesaverz was founded in July 2012. It mainly offers home services such as cleaning, pest-control and plumbing, among other handymen jobs. Besides, it offers on-demand and maintenance services for companies and residential societies. Recently, it also introduced yearly subscription packages for customers.
The startup currently offers services in Mumbai, Pune, Bangalore, Delhi, Gurgaon and Hyderabad. Prior to founding Timesaverz, Upadhyaya led video ad network Vdopia’s Asia-Pacific business. Before that, she headed sales for Yahoo India. Bhatia has held leadership positions at Vdopia, Aptech, Sony Entertainment Television, NDTV Media and Viacom 18.
Timesaverz is competing with Urbanclap, Zimmber and Housejoy. Recently, Urbanclap raised $21 million from SAIF partners and Accel partners.
In May, online classifieds firm Quikr India acquired home services marketplace Zimmber in a deal pegged at $10 million. Zimmber had raised a little over $7 million prior to its buyout.