Bengaluru-based laundry services startup, LaundryMate, founded by Abhinay Choudhary, co-founder of Bigbasket, has successfully secured $6.25 million in pre-Series A funding. The investment comes from Blume Founders Fund and a group of prominent angel investors, including Ankit Bhati, co-founder of Ola, Deepak Goyal, managing partner at Boston Consulting Group, Karan Singh, co-founder of Trilegal, and Sankalp Saxena, managing director of Nutanix India.
LaundryMate announced its achievement through a news release, highlighting its vision to revolutionize the laundry industry in India. The company has established a massive laundry facility in Bengaluru, boasting a capacity to process an impressive 65,000 garments per day. Equipped with cutting-edge machines from Belgium, Italy, Turkey, the US, and Dubai, along with an advanced water treatment and recycling system imported from the Netherlands, LaundryMate aims to provide top-notch services to its customers.
LaundryMate, which caters to both the business-to-consumer (B2C) and business-to-business (B2B) segments, has witnessed remarkable growth since its launch in October 2022. The startup has quickly positioned itself as a key player in the industry by leveraging its state-of-the-art infrastructure and focus on customer satisfaction.
Abhinay Choudhary, expressing his enthusiasm for the funding round’s success, revealed the company’s plans for further expansion. LaundryMate intends to raise $10-15 million in its upcoming Series A round to fuel its nationwide growth strategy.
The market potential for laundry services in India is substantial, with a projected overall addressable market size of $15 billion by 2025, according to a report by consulting firm Redseer. LaundryMate aims to tap into this market by industrializing and streamlining the laundry process for everyday consumers.
Sarita Raichura, representing the Blume Founders Fund, expressed confidence in the untapped potential of LaundryMate’s business model. The fund, which invests in pre-seed, seed, and pre-Series A startups, sees great promise in the industrialization of laundry services and its ability to cater to the needs of Indian consumers.
LaundryMate’s recent funding success comes on the heels of Blume Founders Fund’s final close of its fourth India-dedicated fund, amounting to an impressive $250 million. This signifies the fund’s continued commitment to supporting promising startups in the Indian market.
With the fresh infusion of capital, LaundryMate is well-positioned to further expand its partner network, enhance its product offerings, strengthen risk analytics capabilities, and invest in technological advancements. As the company sets its sights on nationwide growth, it aims to solidify its position as a market leader in India’s evolving laundry industry.