On-demand convenience brand Wassup, co-founded by Balachandar R and Durga Das, announced its acquisition of Chamak in Mumbai for an undisclosed amount in a full equity deal. With this acquisition, Wassup announced its commencement of operations in Mumbai. Pune, Cochin and Delhi operations will be launched soon as well. The team of Wassup now looks at expanding to 20 territories in the next six months.
Chamak has been backed by investors like Kensington Capital, Index Advisory, Innosight Ventures, Calvert Investments and HNIs like Rajan Mariwala (Marico Group) and Sandeep Tandon (Angel Investor at Freecharge and Tiny Owl).
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 six 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 two to three years.
Balachandar R, Co-founder and CEO, Wassup said, “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 seven 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 and MD, Wassup, who has 25 years of Silicon Valley experience behind her, mentioned, “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, Chamak added, “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.”
Wassup will be repositioned as “Laundry & More” and will add Personal Care, Home Care, Car Care, Pet Care and Handyman services to its portfolio through its technology platform in the near future making it a truly comprehensive managed marketplace platform for on-demand consumer convenience.