IvyCap leads $4.5m round for India's Taskbob

Existing investors Orios Ventures and Mayfield India, who committed $1.2 million in seed funding in 2015, also participated in the round, according to a YourStory post linked from Taskbob's Twitter account. The funding will be used to expand the company's presence in multiple markets, support product growth and innovation, and identify acquisition opportunities.

Taskbob, like other companies in India's online-to-offline (O2O) local services industry, provides a range of home services such as cleaning, handymen, drivers and at-home beauty treatments. It distinguishes itself from competitors by focusing on customer satisfaction; it claims a more than 80% fulfilment rate, a 90% four or five-star rating level, and a repeat booking rate of 70%.

"Fulfilment, not discovery, is the real problem in India's local services space," said Taskbob CEO and co-founder Aseem Khare. "With this in mind, we have been more focused on supply and fulfilment issues rather than plain demand aggregation. Our goal has always been to build a service that provides quality and is trustworthy."

Currently the company handles around 1,000 service orders per day; it plans to boost this number to 10,000 per day in the next 18 months.

The local services space has seen considerable interest in recent years, with UrbanClap raising a $10 million Series A round from SAIF Partners and Accel Partners last June, followed by a $25 million Series B from Bessemer Venture Partners in November. In April, Tiger Global led a $5 million round for mobile-only marketplace LocalOye, while GIC Private led a INR1.75 billion Series C round for classifieds platform Sulekha.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• Consumer
• Technology
• Early-stage
• Venture
• India
• Mayfield
• Consumer
• Technology
• TMT
• Growth capital
• Venture