1 min read.Updated: 05 Aug 2015, 08:26 PM ISTAshna Ambre
The company is looking to use the funds to expand its service network to other cities including Gurgaon, Delhi and Bengaluru
Mumbai: Mumbai-based Blackcotton Solutions Pvt. Ltd, which provides home services solutions under the brand name Doormint, said on Wednesday that it has raised $3 million in a series A (first) round of funding led by Helion Ventures with participation of Kalaari Capital.
The company, which was founded in 2015 by Naman Lahoty, Abhinav Agarwal and Piyush Ranjan, is looking to use the funds to expand its service network to other cities including Gurgaon, Delhi and Bengaluru in the next three months. It is also looking to hire marketing, technology and operation teams.
The urban India market for home services is pegged at $15-$20 billion according to the company estimates. Start-ups in this space have been receiving a lot of private equity and venture capital investment in 2015. Mumbai-based Zimmer raised $2 million in early-stage funding from Omidyar Network and others, Localoye raised $ 5 million in a round led by Tiger Global, Taskbob raises $1.2 million from Orios venture partners.
“On-demand home services is a fast-growing market in urban areas where tech savvy consumers seek time-saving resources to meet their household needs of maintenance and repair. Doormint’s key differentiation of a branded service nature that takes full responsibility for service delivery and customer satisfaction along with convenient and superior product offerings such as one-touch home service to eliminate calling, upfront pricing and post service warranty are pegged to make it the market leader," said Ritesh Banglani, partner with Helion Ventures.
Doormint provides its users with home services across 8 categories that include plumbing, carpentry, electrical work, deep cleaning, pest control and others. 400-500 service providers work with the company in Mumbai.