Naspers group is planning to invest about R107 Crore ($17 Million) as Series A round fund into the laundry services mobile app MyWash as laundry services is to be emerge in India in the coming years. By this investment MyWash becomes the first Indian start up to raise such a huge amount in its first institutional funding round. Series A funding’s in the past years have averaged only up to $10 million.
Naspers is a broad based multinational internet and media group which was founded in 1915 that offers services to more than 130 countries across the world. Its principal operations are in ecommerce which includes services like classifieds, online retail, marketplaces, online comparison shopping, payments, video entertainment and print, in pay television such as in direct-to-home satellite services, digital terrestrial television services and also in print media It is head quartered in Cape Town, South Africa. Their overall market capitalization is over $66 billion it is the largest company in Africa.
MyWash is a mobile app which was developed by Silus Reddy Chintapalli, Raghu Bharat and Balaji Ashok in 2014 who were the graduates from BITS Pilani. It is mainly based in Bengaluru which offers laundry services to people. It offers online laundry service and online dry washing service to people mainly in India. MyWash is the easiest way to get ones laundry and dry cleaning .It provides laundry and dry cleaning services on demand of the people. Through MyWash app one can place an order using their phone that includes pickup and drop-off time scheduling. The MyWash agent will arrive at the time one schedules to pick up their laundry and dry cleaning clothes and return the clothes within 48-72 hours in reusable non-plastic bags, washed, folded and ironed properly. Its services make its customers easy and convenient option to manage their laundry chores.