Village Laundry Service, a Mumbai, India-based chain of laundry kiosks, has raised a Series A funding of undisclosed amount.
Investors include Kensington Capital, Index Advisory, and a private India-based backer.
The company plans to use the funds to continue to expand its chain, operated under the brand name Chamak.
In addition, Village Laundry Service named Mr. Sushil Mungekar, a cofounder and director at Index Advisory, as Managing Director and Chief Executive Officer.
Founded in 2008 by by Innosight Ventures, Village Laundry Service aims to bring fast and affordable laundry services to consumers, including students and young adults, who desire high-quality cleaning but don’t have access to their own laundry facilities. The company’s kiosks are designed to allow customers to drop off clothes, have them washed, dried, ironed and ready in 24 hours.
The service operates booths in 3 cities, including Bangalore and Mumbai. According to a written statement, it has grown from 3 to 20 stores in less than a year.
FinSMEs
21/06/2011