On-demand laundry services provider Wassup has announced the launch of Hyderabad operations following the acquisition of Ezeewash in a structured full-equity deal.Wassup also said it is in talks to make three more acquisitions.
Ezeewash has been operating here for three years, and serviced over 8,000 customers. It currently handles over 100 orders a day. Wassup, Founded by Balachandar R and Durga Das in 2011, offers laundry, dry cleaning, and shoe and bag refurbishment services in Bengaluru, Delhi, Gurgaon, Mumbai, Chennai, Kochi and Pune.
It has 50 ‘aggregating hubs’, where customers can drop off garments, and plans to add 50 more in four-five months through the franchisee model.
Said Balachandar: “We will continue to grow organically and also through acquisitions across other cities. We are addressing a market in India that today stands at $34 billion, which includes both the organised and unorganised segments. We see huge potential where technology and modernisation can change the industry completely.”
Ezeewash is Wassup’s second buy, after Chamak, he said, adding that negotiations are on for three more acquisitions. “Wassup finds a good fit with the Ezeewash team, who are techie entrepreneurs,” observed Durga Das. “We look forward to bringing like-minded people into our Wassup platform through full equity acquisitions for mutual benefit.”
Investors in Wassup include Anil Jain (MD of Refex Energy), BS Nagesh (Founder of Trrain and Vice-Chairman of Shoppers Stop) and Praveen Sinha (Founder of Jabong).
Source: Business Line
Imgae Courtesy : The Hindu Business Line
