Home services startup Taskbob secures $4.5 Mn in Series A funding

Mumbai-based home services startup, Taskbob run by Crenovative Ideas, has secured $4.5 million (around Rs 30 crore) in a Series-A round of funding led by venture capital fund IvyCap Ventures, as it seeks to boost its growth and increase dominance in the hyperlocal services sector. The funding round also saw participation from existing investors Orios and Mayfield.

Founded by IIT-Bombay and IIM-Ahmedabad alumni Aseem Khare, Abhiroop Medhekar, Ajay Bhatt and Amit Chahalia, intends to employ the funds to selectively expand its presence in multiple markets, focus on product growth and innovation and evaluate strategic acquisition opportunities.

Taskbob, which provides pre-screened service experts across a range of home services like cleaning, handymen services and drivers, currently has around 100,000 users in Mumbai, achieving scale of 800 to 1,000 bookings a day. Over the next 18 months, Taskbob plans to scale up to 10,000 orders per day and achieve profitability at a unit level in Mumbai before it attempts to replicate the model in the top 4-5 cities across the country.

“Fulfilment, not discovery, is the real problem in India’s local services space. With this in mind, we have been more focussed on supply and fulfilment issues rather than plain demand aggregation. Our goal has always been to build a service that provides quality and is absolutely trustworthy,” Aseem Khare, co-founder and chief executive officer of Taskbob, said.

“We know home services are a very large market, and we believe Taskbob has created an amazing business model to address a large part of this market. It helps that several macro factors that have converged today that make this business attractive – be it a highly mobile busy urban demographic that is the initial target market, or the increasing uberization of services in a mobile first world, or even the increasing comfort level with online transactions in general. All this, coupled with Taskbob’s unique team strengths and capabilities, have been continuously reflected in the company’s amazing growth in the past year, and we are excited to partner with them in the next phase of this journey said Vikram Gupta, Founder and Managing Partner of IvyCap Ventures. “In addition, we are also looking forward to adding significant value to Taskbob through our network of relationships.”

Norbert Fernandes, Co-Founder and Principal at IvyCap will shortly be joining the board of Crenovative Ideas Pvt. Ltd. on behalf of IvyCap Ventures.

[ Also Read – Markets are different; just like people ]

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