Wassup acquires leading laundry brand Chamak
With this acquisition Wassup announced its commencement of operations in Mumbai. Pune, Cochin and Delhi were recently launched as well. The team of Wassup now looks at expanding to 20 territories in the next 6 months.
Chamak has been a leading laundry brand in India and has been backed by prestigious investors like Kensington Capital, Index Advisory, Innosight Ventures, Calvert Investments and HNIs like Rajan Mariwala (Marico Group) and Mr.Sandeep Tandon (Angel Investor at Freecharge & Tiny Owl).
The on-demand convenience industry globally is estimated at 9 Bn USD. The laundry market is estimated to be valued at INR 200,000 Crores annually out of which 95% is unorganized market.
Wassup offers services like laundry, dry cleaning, shoes and bag refurbishments in 11 territories currently. The company has 30 pickup points called “Aggregating Hubs” where the garments can also be dropped off by the customer as well as where our delivery boys bring back the picked up clothes. 30 Hubs will be added during the course of next 6 months with presence increasing to 20 territories. The brand vision is to be in 100 territories with a customer base of 1 million in the next 2-3 years.
Speaking to the press, Balachandar. R, Co-founder & CEO, Wassup, mentioned that “Wassup acquiring Chamak is a landmark acquisition in the history of laundry services globally. Chamak is India's first and brand in this space which started 7 years ago and is backed by leading investors. We are happy to have the Chamak team come board with Wassup to achieve a joint vision to create the largest laundry services brand in Asia”.
Adding to this, Durga Das, Co-founder & MD, Wassup, who has 25 years of silicon valley experience behind her, mentioned that “We welcome the Chamak team to join us on this exciting journey where we are growing month on month. Their knowledge and experience will only give us the additional fuel required to propel us to our goals. We will be in 100 territories in the next 24 - 36 months and the undisputed market leader in our space.
Sushil Mungekar, CEO of Chamak added that “We feel that in the current laundry services landscape of India, Wassup is the most uniquely placed to be the leading player and also to scale growth. They have all their critical expertise required to succeed in place. We are happy to join hands with Wassup as we believe in the team and the management of Wassup and the capability in building a world class services brand”.
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