PickMyLaundry acquires OneClickWash in all-cash deal
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New Delhi: On-demand laundry service company PickMyLaundry has acquired a subscription-based laundry and dry cleaning start-up OneClickWash for an undisclosed amount in an all-cash deal, the company announced on Thursday.
“With this acquisition, PickMyLaundry will leverage OneClickWash’s laundry processing unit, experienced team, and tech infrastructure to improve service efficiency... The combined entity is expected to become one of the largest online dry clean and laundry service provider,” said the company in a statement.
Owned and operated by PML Solutions Pvt. Ltd, Delhi-based PickMyLaundry was founded in 2015 by Gaurav Agrawal, Ankur Jain and Samar Sisodia as an on-demand washing and drycleaning service provider operational in Gurgaon, Delhi, Noida and Bengaluru.
While PickMyLaundry partners with laundromats (self-service laundries) to service its customers and work on a commission model with these laundromats, OneClickWash will add subscription-based services as an additional stream of revenue.
It will also gain access to OneClickWash’s laundry processing unit which has the capacity of processing 1,000 kg of clothes per day.
Post acquisition, the combined entity will run in a hybrid model and both the brands will continue to run as separate entities, said the company.
“Being a fast growing company, we are always on the look-out for more laundry startups to augment our supply chain. OneClickWash will help us penetrate deeper within the NCR region, reduce our processing cost and improve customer experience by reducing the turnaround time,” said Agrawal in a statement.
Over the past few months, PickMyLaundry has also launched offline stores in Gurgaon—equipped with coin operated washing machines and steam irons, claiming to provide faster services and delivering the garments in two hours.
Backed by GHV Accelerator and HUL executive Kedar Lele, PickMyLaundry had announced a $100,000 funding in August 2015. OneClickWash is backed by Unitus Seed Fund and a group of angel investors.
PickMyLaundry competes with start-ups such as Chennai-based Wassup (Laundry Project India Pvt Ltd). In November 2015, Wassup acquired Mumbai-based Chamak (Village Laundry Service Pvt. Ltd) for an undisclosed amount.
While a number of on-demand laundry service providers have cropped up, it also includes Mumbai-based Doormint ( Blackcotton Solutions Pvt. Ltd) which has been reported to have shut down after having raised $3 million in a series-A funding round from Helion Ventures and Kalaari Capital in August 2015. Tech in Asia reported Doormint had shut down in September 2016.