SILA enters on-demand home services space with the launch of 'MR. HOMECARE'

The on-demand home services market in India is at a nascentstage, and is expected to witness an annual growth of 30%. The market is dominated by unorganized players which constitute over 90% of the overall market. Households spend about Rs. 15,000-Rs. 18,000 annually for on-demand home services.

Leveraging on the experience that SILA has built over the last few years in the Facility Management Services space; new age entrepreneurs, brothers Sahil Vora and Rushabh Vora launched Mr. Homecare (www.mrhomecare.in), an on-demand Home Services Company, backed by a robust technology platform.

Anand Piramal, of the Ajay Piramal Group has invested an undisclosed amount in the seed round of Mr. Homecare. Additionally, Mr. Homecare also has commitments for around$500,000 as Compulsorily Convertible Debentures (CCD) in a 'pre-Series A' round from a group of financial investors, which they plan to close in Q1FY16.

The funds for this project will be predominantly used for,

1. Enhancing the Technology, Mobile application to allow affiliates to join the platform; building a managed marketplace.

2. Geographical expansion to Pune, Bangalore and Delhi within the next 6 months.

3. Adding services like Plumber/Electricians on call, Car Care, Interior Works and Laundry.

Commenting on the launch, Mr. Sahil Vora, Founder, SILA, said, "We are excited to announce the launch of Mr. Homecare, an on-demand services platform as a derivative of our current business at SILA. The on demand services market in India is growing at a rapid pace and is largely unorganized at the moment; reasons why we see animmense business opportunity. Our vision is to be an extension of each Home, with the philosophy that 'Your Home is Our Care'."

"Leveraging the experience we have gained over the last 5 years in managing over 5 million square feet of real estate with over 1200 employees, we have started with Deep Cleaning and Pest control services in Mumbai.Weplan on extending these services lines to others like AC maintenance, Plumber / Electricians / Carpenters on call, Car Care while also expanding geographically to Pune, Bangalore and Delhi within the next 6 months." Said Mr. Rushabh Vora, Co-Founder, SILA.

"SILA has been a Facilities Management service provider, managing various assets for our Group companies over the last 4 years. We have remained impressed by the professionalism of their service, combined with the enthusiasm of the Founders. The on-demand home services market is a natural extension of their existing Facilities Management business and caters directly to the evolved consumer of today."said Piramal Junior, Anand Piramal.

Even though this space is nascent in India, globally this space has received a lot of Venture Capital interest and funding over the last two years.

Source : Equity Bulls

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