Mumbai-based home services startup, Timesaverz raised $1 million in a fresh round of funding from the media conglomerate Bennett, Coleman and Co. Ltd.
According to the company’s filings with the Ministry of Corporate Affairs, the capital was raised in January. The company has issued five warrants valued at Rs 1.3 crore at warrant subscription price of Rs 13 lakh, which is how BCCL typically invests.
“The BCCL network offers platforms to reach out to our target group base and the ad-for-equity deal helps us in optimizing our marketing efforts to scale up growth,” Upadhyaya said.
Timesaverz was set up in July 2012, which offers home services such as cleaning, pest control, and plumbing, among other handymen jobs. Besides, it offers on-demand and maintenance services for companies and residential societies. Recently, it also introduced a yearly subscription package for its customers.
The startup currently offers services in Mumbai, Pune, Bangalore, Delhi, Gurgaon and Hyderabad and would further roll out operations in Ahmedabad and Chennai.
Prior to founding Timesaverz, Upadhyaya led video ad network Vdopia’s Asia-Pacific business. Before that, she headed sales for Yahoo India. Bhatia has held leadership positions at Vdopia, Aptech, Sony Entertainment Television, NDTV Media and Viacom 18.
In recent past, we have seen a couple of startups were shut down or consolidated with the larger players. However, Upadhyaya clarifies as she was not in talks with anyone for a potential acquisition. “Currently, we are focused on building a fundamentally sound company with the right unit economics,” she said.
Earlier in 2014, Timesaverz had raised an undisclosed sum in the seed round of funding led by Internet business professional Neville Taraporewalla and GSF Superangels founder Rajesh Sawhney. Also, In the last series A funding round of 2.3 million, Timesaverz has received capital from Ronnie Screwvala’s Unilazer Ventures.
In the home service category, Timesaverz is competing with Urbanclap, Zimmber and Housejoy.