Mumbai-based Village Laundry Service Pvt Ltd, which operates laundry kiosks under the name of 'Chamak', has raised series A round of funding from Kensington Capital, Index Advisory and a private India-based investor.

VLS will use the funds for expansion of its chain of laundry kiosks.

VLS has also appointed Sushil Mungekar as its new MD and CEO. Mungekar is a co-founder and director at Index Advisory, a financial services advisory firm. Formerly, he served for five years as the chief of passenger car finance at Tata Motors. He will remain on the board at Index Advisory.

Transaction Reference: Press Release

Village Laundry Service was launched in 2008 with seed capital from Innosight Ventures. VLS provides affordable and speedy laundry services via self-contained booths in metropolitan areas. It operates booths in 3 cities, including Bangalore and Mumbai, and has grown from 3 to 20 stores in less than a year.

Earlier this year, Jyothy Fabricare Services Limited, a subsidiary of Jyothy Laboratories Limited raised Rs.100 Cr from IL&FS Investment Managers and also acquired 100% stake in Delhi-based laundry services provider Diamond Fabcare Private Limited (DFPL). In 2009, it had acquired Snoways, a Bangalore-based laundry player.

Innosight Ventures, the investment arm of innovation and growth consulting firm Innosight, provides seed-stage funding and incubation for startups.

Kensington Capital Holdings, LLC is a Boston-based private investment office that makes investments in emerging economies including Africa, China, Indonesia, India & Latin America.

Founded in 2006, Index Advisory is a Mumbai-based advisory firm specializing in the domain of financial services, healthcare, and automotive sectors.

Previous Article

Acumen Fund Invests In Orb Energy

Next Article

Sheth Creators Raises R80Cr From IIFL PE