BigBasket cofounder’s LaundryMate raised $6.25 million in pre-Series A led by Blume Founders Fund where several angel investors, including Ola co-founder Ankit Bhati, Boston Consulting Group managing partner Deepak Goyal, Trilegal co-founder Karan Singh, and Nutanix India MD Sankalp Saxena also participated.
LaundryMate, which was founded in 2021 and launched its services in October 2022, caters to both B2C and B2B customers. The startup claims to have built India’s largest laundry facility in Bengaluru, with a capacity to process 65,000 garments per day. It has sourced state-of-the-art machines from countries like Belgium, Italy, Turkey, the US, and Dubai, along with a water treatment and recycling solution imported from the Netherlands.
With the latest funding, LaundryMate aims to scale up rapidly and become the preferred laundry brand in Bengaluru within the next 6-9 months. Currently, it competes with other online laundry service providers in the region such as Laundrywala, UClean, and LaundryAnna. While the startup is currently limited to Bengaluru, it has plans to expand to 30 cities across India over the next decade.
Abhinay Choudhari, co-founder and CEO of LaundryMate, mentioned that the startup is planning to raise a larger Series A round of $10-15 million to support its national expansion.
The Indian laundry market is projected to reach $15 billion by 2025, according to a report by RedSeer Consulting. This presents a significant growth opportunity for LaundryMate and other players in the industry.
The funding round for LaundryMate comes amid a resurgence in funding activity in the Indian startup ecosystem. Last week, Indian startups raised $476 million in funding across 16 deals, marking a substantial increase from the previous weeks.