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Housejoy raises INR 23 crores in bridge funding from Matrix, others


Bengaluru-based hyperlocal home services startup Housejoy has raised INR 23 crores in bridge funding round from Matrix Partners India after a gap of three years. Matrix invested around INR 9.61 crores while Vertex Ventures, Qualcomm Ventures, RTP Ventures and Sama Capital together invested INR 11.3 crores. Ganesh Krishnan also invested INR 2.35 crores.

The Amazon-backed startup was founded by Sunil Goel and Arjun Kumar back in 2015 and offers on-demand household services such as home cleaning, home repairs, electrical and plumbing services, laundry and electronics and computer repairs. Previously it raised INR 150 crores in Series B round in December 2015 from Amazon and Matrix Partners. Prior to that, Matrix Partners invested INR 28.6 crores in Housejoy’s Series A round in June 2015. Till date, the startup has raised a total of INR 216 crore in funding.

Housejoy competes with startups like UrbanClap, Helpr, Time Saverz, HomeTriangle, Lifeasy and several others. Earlier in November this year, UrbanClap raised INR 358 crores in series D round of funding.

The startup has undergone some serious changes in 2018 to overcome some operational issues. In May, Housejoy laid off 40 employees from digital marketing, back-end operations and technical teams to align with its slower growth in revenue. Soon after that, CEO post was taken over by former Flipkart executive Saran Chatterjee as both the co-founders quit the startup.

According to an Inc42 Report, the consumer service sector has raised $2.3 billion in 456 deals since 2014. According to a report by Ken Research, the hyperlocal market in India will cross $321 million by 2020.

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