Kolkata-based NumeroSeven Technologies Pvt Ltd, which operates home services firm Frapperz, is all set to raise an additional $400,000 (Rs 2.57 crore) from existing investors.
The startup will use the funds to strengthen its technology backbone and expand its operations, a company spokesperson said in an email interaction. However, he did not elaborate further on how the company will execute its plans.
Existing investors, including Australian healthcare entrepreneur Shiva Gunapu and Hyderabad-based high net worth individual Sirish Tarumani, will participate in this round. The co-founders of Frapperz are also expected to put in some money.
The new funding commitment comes a little over a month after Frapperz raised $100,000 (Rs 66.6 lakh) in seed funding from a group of investors, including Gunapu.
The development was first reported by The Economic Times.
Frapperz was founded by husband-wife duo Jyotirmay Kanthal and Rimjhim Ray in 2016. They had previously founded a creative digital firm called Unmarketeer. Frapperz is an online community that connects home improvement experts with individual residents and home owners. Professionals currently available on the platform include architects, interior designers, kitchen designers, lifestyle experts, vastu experts, feng shui experts, landscaping and gardening experts and home painters. The company, which operates only in Kolkata, claims to have over 10,000 active mobile downloads, clocking gross transaction values of $10,000 per month. The company declined to comment on questions relating to profitability and breaking even.
Currently, Frapperz claims to have more than 250 professionals on its platform, onboarding about 20 new verified professionals every month. It recently launched Frapperz Lounge, a geo-tagged online community that allows users to browse through curated offerings, catalogues, content from professionals and also allows for video consultation with experts. The newest offering from Frapperz will also have service providers such as daily maintenance experts, and property and legal advisors.
The past few years have seen the emergence of several home and local services firms that provide handyman services, ranging from home cleaning and car washing to laundry, pest control and even hobby classes.
While no clear leader has yet emerged, a slew of startups, armed with investor cash, such as UrbanClap, Housejoy, Helpi, and Timesaverz are targeting the household services segment. The segment has also seen consolidation activity as the better-funded players acquired small firms.
In the most recent development in this sector, home services marketplace UrbanClap on Monday raised $3.1 million (Rs 20 crore) in debt funding from venture debt firm Trifecta Capital through non-convertible debentures, The Economic Times had reported, citing regulatory filings.
In January this year, on-demand maid service provider Didi acquired home services startup TimeMyTask in an all-stock deal in January. Earlier this month, search giant Google ventured into the hyperlocal space by launching an app, Areo, which allows users to order food and book home services.