Linen management firm Quick Smart Wash (QSW) has secured $5.15 million in a Series B round led by Japan-based Elan Corporation.
While the company did not disclose the current valuation, it has plans to raise $10 million in Series C round.
The latest proceeds will be utilised to expand its capacity, increase the revenue and launch inventory management system, QSW said in a press release.
Founded in 2013 by Rakesh Sharma, QSW offers professional linen management services, with laundromats, and self-service laundry. As per the company, its enzyme-based chemical used enables 30% lesser linen lint production thus enhancing the life of linen and also taking care towards better quality output. The company has served the sectors like Healthcare, educational institutes, hospitality and others.
QSW says that it has set up and run its processing units at Jaipur, Manipal-Udupi, Delhi NCR, Hyderabad, Bengaluru, and Jalandhar-Amritsar. It further plans to set up a CPU in Kochi, Kannur, Chennai, and Ahmedabad, reaching 9 states across the country.
The company claims that it has a capacity of 35 tons per day and processes 100,000 clothes every day. It aims to reach 55 tons per day by processing 165,000 pieces on daily basis within this financial year and increase revenue by 2.5X – 3X in the next 24 months.
QSW reigtered Rs 13.66 crore revenue in FY22 with a profit of Rs 10.51 lakh. The company is yet to file its FY23 financials.