Gapoon, an on-demand home service company has raised Rs 1.6 crore in its pre-Series-A round led by Vida Ventures with participation from independent investors including Snehal Mantri, director, marketing and HR at Mantri Group and Anshu Bahadur, a partner at Cognizant.
The funding round also saw participation from existing investors such as Chandrasekhar BV, and Pankaj Kapoor, reported VCCircle.
The fresh proceeds will be deployed towards launching new product initiatives, strengthen technology platform, penetrate deeper into market segments and expand to other cities
The Bengaluru-based firm was founded in March 2015 by Apoorva Mishra, Ankit Bindal, Ankita Asai and Nikhil Gupta. The company received its first round of angel funding in July 2015, and it raised Rs.1.2 crore in another angel funding round in March 2016.
It operates an on-demand as well as a subscription-based model for services such as home cleaning, electricians, appliance maintenance, plumbing, pest control and carpentry.
Gapoon is a one-stop platform for all users to conveniently hire professional service providers online and also provides quality leads to service providers, promoting their business and saving both time and money.
“While customers (both homes and businesses) avail of the benefits of our subscription product, the vendors earn up to 40% higher compared with other aggregators. This model drives a favourable unit economics which is easier to replicate in multiple cities,” said Mishra.
Online marketplace for home services Timesaverz has raised $1 million from Bennett Coleman and Co. Ltd (BCCL). In a series C funding round, home services marketplace UrbanClap has raised $21 million from SAIF Partners, Accel Partners and others.
Over the past few years, the sector has drawn attention of deep pocketed investors such as Amazon, Bessemer Venture Partners, Vertex Ventures, Qualcomm Ventures, Ru-Net Technology Partners, Matrix Partners, Accel Partners and SAIF Partners further validating the business model.