To expand its footprint into other areas, Laundry Project India is planning to raise R10 Cr in Series A round from Unitus Seed Fund by the end of this year.
Previously, it had raised an undisclosed amount in seed round from Das Star Ventures.
Founded by Mr Balachandar, Laundry Project India provides laundry services to professionals and corporate sectors with presence in Chennai and Bangalore. The company will also increase its retail outlet Wassup's presence by adding around 40 outlets mainly through franchisee model taking the total to 50.
The firm is to foray into Guragaon and Pune by setting up its operations facility. It is also looking at the leasing of hotel linen and corporate uniform segment as they are sunrise segments.
Currently, it is in talks with with ITI of Karnataka for starting Wassup Academy for Laundry, to offer a certified vocational training programme for workers in laundry.
One of the major player which has its presence in various parts of the country is Jyothy Fabricare Services Ltd, of Jyothi Laboratories Ltd, while there are regional players in various cities.
Unitus Seed Fund, part of the Unitus group, is a new investment fund based in Bangalore and Seattle that provides opportunities for economic self-reliance, education, and obtaining basic necessities to people living at the base of the economic pyramid.
Recently, it had invested an undisclosed amount in dental clinics chain Smile Merchants. Prior to this, it made investments in Medypal and an eye screening company, Welcare Health
Raymond Group company JK Helene Curtis is planning to divest upto 20% stake for around R150 Cr. PE funds like ICICI ventures, L Capital, CX Partners, Partners Group, Everstone Capital, IDFC are in the fray for stake buy.
UTI Ventures Funds Management Company Private Limited, the private equity investment subsidiary of UTI Asset Management Co Pvt Ltd, has sold its stake in Ascent Capital Pvt Ltd to the management of the firm, which is headed by Raja Kumar.