Wassup acquires Doormint for an equity swap
Bangalore : Wassup Laundry, an on-demand laundry and dry cleaning convenience brand co-founded by Balachandar.R and Durga Das, recognized among the Top 3 Best retail Startups for 2017 has acquired Doormint from its promoters and angel investors. Through this transaction lead VC investors in Doormint namely Kalaari Capital and Helion Ventures will continue to hold equity in Wassup.
Commenting on this transaction Mr. Balachandar, Founder& CEO, Wassup said, “Wassup is excited to announce itspartnership with Kalaari Capital & Helion Ventures, two leading venturecapital firms. We are happy to have Mr. Rajesh Raju guide and mentor us in ourgrowth path and will add value with his experience and vision".
Speaking on the occasion Ms. Durga Das, Founder &MD, Wassup added, "Wassup has a solid business model that iscapable of scaling to be the market leader in this space. We thank all thestakeholders including our investors, employees, consumers and vendors forsupporting us in this journey. We are happy to welcome Kalaari and Helion aspart of our team and believe that they can add a lot of value in our journey tobe the market leader."
Commenting on this transaction Mr. Rajesh Raju MD ofKalaari Capital said that “We believe in consumer and retail businesses whichbuild sustainable long term value. We have seen the online laundry space gothrough rough times but believe that Wassup has a unique hybrid model withstrong unit economics and a brand of national presence that can be leveraged tocreate a leading Laundry brand in India. ”
About Wassup: Wassup is arecognized pioneer in Ondemand Laundry space in India and wasfounded in 2011. Wassup is present in 50 stores across 7 cities servicing over3 lakh customers and has so far washed over 50 Million pcs. Wassuplaunched India’s first mobile app in laundry in 2012 and islisted among Global Services brands by Steve Dunn as a leaderin the laundry space globally. Wassup is the only “Fully integratedHybrid Omni Channel” player in the country and is also an approvedlaundry partner for leading hospitality brands like Taj, Oberoi, Marriotts,Sheraton, Radisson, Ascott and Holiday Inn to name a few. Leading investors inWassup include Mr.Anil Jain (MD Refex Energy), Mr.B.S.Nagesh (Founder Trrain,Vice Chairman Shoppers Stop), Mr.Lalit Mangal (Founder, Commonfloor.com),Mr.Neeraj Gupta (Founder FormulatePR) Mr.Praveen Sinha (Founder Jabong),Mr.Ranga Iyer (Ex CEO Wyeth), Mr.Mani Subramanian (Ex CEO, Barclays IndiaOperations).
Wassup has been co founded by R Balachandar, a goldmedalist in his MBA program and the former Retail Head for Hidesign andDurga Das, a silicon valley entreprenuer with over twenty five years of startup experience in the hi tech world. Wassup has been seed funded by Das StarVentures.