Taskbob Raises Rs 28 Crores in Series a Funding to Scale Its Quality Centric Model

mumbai, February 23, 2016 (Newswire.com) - Taskbob as a brand, has become synonymous with reliability & quality in Mumbai. Today, they have around 1 lakh users in whole of Mumbai who avail their services. They have achieved a scale of 800 to 1000 bookings a day without compromising on quality. This is evident by their best-in-class on-time fulfilment rates (over 80%) and 90% of their customers rating them 4 or 5 stars. Driven by a high repeat booking rate of 70% and strong word of mouth, Taskbob is already breaking even in multiple localities in Mumbai.

Aseem Khare, CEO of Taskbob said, “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. This infusion of fresh capital validates our growth so far & our potential to be the number 1 home services provider in the country”.

 With the customers' pain points in mind, Taskbob has a rigorous recruitment process in place that consists of skill testing & psychometric tests to hire the best servicemen in the industry. Once hired, they undergo extensive training across vocational skills, customer delight, technology, processes and soft skills.

Like all service oriented companies, Taskbob faced its fair share of last mile issues. To solve for that, they placed data collection, analytics & automation on centre stage to minimize the manual intervention at every step. This greatly helped achieve efficiency which only players with a strong hold on the last mile can boast of.

Taskbob’s plan of action

The series A funding will help Taskbob in selectively expanding its presence in multiple markets, focus on product growth and innovation & evaluate strategic acquisition opportunities. Over next 18 months, Taskbob plans to scale to 10,000 orders per day and achieve profitability at a unit level in Mumbai. Taskbob has already built seamless systems & processes to provide timely & hassle-free services. They plan to replicate their proven "Mumbai model" in the top 4-5 cities and dominate those markets as well.

“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.

About Taskbob

Taskbob, a 1-year-old company, is one of the pioneers in the home services market. It's founders - Aseem Khare (CEO), Abhiroop Medhekar, Ajay Bhatt & Amit Chahalia - are alumni of IIT Bombay and IIM Ahmedabad (ex-Nomura, ex-McKinsey). Taskbob provides pre-screened service experts across a range of home services like cleaning, handymen services & drivers. They have recently added two more services to the bag; they now provide maids on demand & ‘at-home salon services’ under the brand-name Myrra. Another feather in the hat for Taskbob, is the acquisition of Zepper.in, a Bangalore based company which offers reliable & trustworthy home services similar to that of Taskbob.

About the investors

 ​IvyCap Ventures is an Indian venture capital fund anchored by the Alumni Trust, and leveraging the network of IITians across the globe to create value in its portfolio companies. It invests in start-ups and growth stage companies across sectors including technology, education, energy, healthcare and agriculture. The Fund has a unique philosophy to give back part of its profits to the leading educational institutions, an approach that strengthens its alumni networks further. Recent investments of IvyCap Ventures include Reuters Market Light, Aujas Networks, FieldEz Solutions, Vinculum, E-Shakti, Leixir Labs, Purplle.com, Sokrati. Bluestone and Clovia

​https://www.taskbob.com/