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New Delhi, Jul 15 () Technology startup Housejoy plans to raise USD 35 million (around 260 crore) by end of this year for business growth, a top company official said. <p> Bengaluru-based firm, which is engaged in construction, renovation, interiors and home maintenance, has so far raised USD 30.2 million from investors such as Amazon, Matrix Partners, Growth Story, Vertex Ventures and Qualcomm. </p><p> "We are planning to raise USD 30-35 million as growth capital. We have bagged Rs 100 crore worth contract in the IRC (interiors, renovation and construction) business. We want to expand in new cities," Housejoy founder and CEO Sanchit Gaurav told . </p><p> The fund is required for new technology and brand awareness, he said, adding that the company aims to complete fund raising exercise by December. </p><p> Founded in 2014, Housejoy entered the construction business last year and has secured an order book of Rs 100 crore spread over 350 projects. </p><p> This service is being currently provided in Bengaluru, Hyderabad and Chennai and the plan is to expand in seven-eight new cities including tier-II and tier-III towns, Gaurav said. </p><p> In the IRC business, Housejoy provides services right from building plans approval to the possession. The per sq ft rate is freezed at the time of entering an agreement with the customer. </p><p> "We plan to open multiple construction experience centres," he said. </p><p> The IRC business is growing at the rate of 20 per cent month-on-month and the company targets to build 2,000 homes over the next two years, he added. </p><p> "Our goal is to become the largest tech-enabled construction and home services platform in India," Gaurav said. </p><p> Housejoy posted a revenue of Rs 136 crore last fiscal - nearly four-fold jump from the previous year. </p><p> "We are almost profitable," Gaurav said, adding that the margins in both the IRC and home maintenance business were around 15-20 per cent. </p> Meanwhile, the company recently appointed Neelima Ronanki as Associate Vice President - Design, Deepak Thakur as the Vice President (Product and Technology) and Gaurav Joshi as the senior vice-president of growth and strategy, as part of its expansion plan. MJH ANS ANS

Housejoy plans to raise USD 35 mn for expansion of construction, interiors biz

<keyword id="224987" type="PERSON" weightage="20" keywordseo="Avnish-Bajaj">Avnish Bajaj</keyword> is an entrepreneur turned investor who has always been driven by the pursuit of success in entrepreneurship but from wanting to be rich to now making other people rich, he has come a long way.<br /><br /> “It has always been about achievement. That being said, money is a scorecard for achievement. Numbers are very important for investors but it is not the end of the game, it is the bridge between needs and means and for me once my needs were met, I just wanted to learn and help,” Bajaj told Business Insider, who thinks that we’re seeing the best entrepreneurs in the history of the Indian consumer tech sector.<br /><br /> In terms of investing, Bajaj thinks that all elements of the venture funding are in place and for the first time, the question of exits is being answered, “As the market starts deepening, the exits will start happening. The next decade or so are going to be very exciting for the investors,”Avnish says that the Indian founders are as competent as their American or Chinese counterparts and have great potential. <br /><br /> <keyword id="136057" type="COMPANY" weightage="20" keywordseo="Matrix-Partners">Matrix Partners</keyword> has many popular companies on its portfolio namely Ola, Practo, Dailyhunt, Quikr, Housejoy, LimeRoad, Mswipe and Cloudnine. <div type="embedgroup"> <div type="Article" hostid="261" msid="59181595" title="Exclusive: Global Superangel Forum’s (GSF) founder Rajesh Sawhney is an Innerchef at heart" rank="1.0" kind="RELATED" publishDate="Jun 16, 2017, 8:17 PM" mstype="2" mssubtype="0"></div></div>




























<br /> <b>Downturn for the win</b><br /><br /> Bajaj thinks this ‘downturn’ that the Indian start-up ecosystem is seeing is necessary, “All elements of this industry are amplified and disruptive; the entrepreneurs, the investors and even the media get carried away in the possibilities. It’s all part and parcel of being an entrepreneur; if things were so easy, everyone would be starting their own business.”<br /><br /> Avnish says that recession is a good sign as companies like Facebook and Google were started during downturns and now, the entrepreneurs will be starting for the right reasons.

    

    

    

    

    

    

    

    

    

    

    

    

    

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 <b>The "dis-ease" of doing business</b><br /><br /> “In India, it’s never been easy to do business but things are improving overall. What the start-ups need is protection against the negative elements even if there is no positive reinforcement,” says Bajaj regarding the role of the state in the success of new businesses.<br /><br /> Bajaj has seen hardships as an entrepreneur in 2004, as he was arrested by the Delhi police over a complaint that an obscene video had been uploaded for auction on Baazee.com. Bajaj was acquitted but then he was against let down recently with arrest of his portfolio company, <keyword id="1112419" type="UNKNOWN" weightage="20" keywordseo="Stayzilla">Stayzilla</keyword>’s founder happening on shaky grounds,”Startups are soft targets for most authorities because they don’t have the kind of influence compared to big corporate companies. We just want the government to stop harassment at all agency level. Let's extend Swacch Bharat to get India rid of corruption and harassment before we aim for loft goals like <keyword id="1929810" type="UNKNOWN" weightage="20" keywordseo="Digital-India">Digital India</keyword> and Start up India." says Bajaj who agrees that the government has the intent to support start-ups but it hasn’t reflected yet.<br />

    

    

    

    

    

    

    

    

    

    

    

    

    

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 <b>E-commerce or re-commerce?</b><br /><br /> Bajaj who is known for his e-commerce investments has agreed that the sector has lost its sheen but says that at the end of the day, the team matters above everything, “Fin-tech, Health-tech, and SAAS are the most exciting sectors right now,” Bajaj who had been pessimistic about the growth of start-ups in the past has started to get excited for the India growth story and so have we.<br /><br />

Exclusive: Avnish Bajaj, Founder & MD, Matrix Partners India says that for him, only entrepreneurs matter in a start-up

<br /> <keyword id="6481662" type="COMPANY" weightage="100" keywordseo="Jasper-Infotech">Jasper Infotech</keyword>, the company behind online marketplace <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword>, is soon going to in invest in <keyword id="2892247" type="UNKNOWN" weightage="100" keywordseo="Zimmber">Zimmber</keyword>, the on-demand home services platform.<br />
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As per reports, The New Delhi based company is expected to invest somewhere between Rs 40 to 50 crore in Rejuvenate Solutions, the Mumbai-based company that runs Zimmber. This figure is for 10% of Zimmber’s stake. <br />
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After leading a $36 million (about Rs 240 crore) funding round in hyper-local delivery service PepperTap in September last year, this is Jasper's second investment in the on-demand services space. This again proves that Jasper is increasingly focusing on this fast-growing segment. <br />
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However, this move can also be taken as an inspiration from rival firm Amazon, as it’s just been two months that Amazon led a Rs 150-crore funding round in home services startup Housejoy. <br />
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"Zimmber is an attractive investment opportunity and we are in active discussion with multiple investors," Anubhab Goel, cofounder and chief executive officer of Zimmber, told ET while declining to comment further. <br />
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Snapdeal is presently valued at about $5 billion, after raising $500 million from Foxconn, Alibaba Group and SoftBank in August last year and buying digital payments platform FreeCharge for $400-450 million in April last year. This was the largest buyout done in the Indian consumer internet sector.<br />
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<a href="http://www.medianama.com/wp-content/uploads/Snapdeal1.jpg"><em>Image source</em></a><br />

Snapdeal’s promoter Jasper Infotech eyes on-demand home services platform

<br /> <keyword id="2556778" type="ORGANIZATION" weightage="100" keywordseo="home-services">Home services</keyword> are indeed a blessing; after all, who won’t like not having to run after plumbers and carpenters for their services? However, there is a lot of work that has to be done in the background, which makes sure that such services are promptly delivered.<br />
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A major task is to convince these servicemen that they would be benefited by working with these digital entities.<br />
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The Indian home services industry can boast off a good number of companies, and now that they have their teams in place, this year would be spent solidifying their business structures and staying alive.<br />
<br /> "The sector was a small baby in 2015, now maturity will come in," Aditya Rao, founder and CEO of <keyword id="3398330" type="UNKNOWN" weightage="100" keywordseo="LocalOye">LocalOye</keyword> told ET. LocalOye is backed by New York based Tiger Global Management.<br />
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This 'maturity' involves ensuring a consistent service quality, which is tougher than it looks, as it involves managing thousands of blue-collar workers, most of them who have no experience of dealing with technology. Another problem comes in the form of convincing customers that this convenience doesn’t involve any risk and that they can safely let these servicemen into their homes.<br />
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"We are also planning to have customised training modules for our service providers. Much of quality is also on reaffirmation of processes. We need to keep stressing on how to do a particular job. We would feel extremely satisfied if we ensure that 100 percent of our servicemen reach the homes of the customers at the exact said time," Saran Chatterjee, CEO of Housejoy, told ET. Housejoy has recently raised 150 crore funding led by Amazon India.<br />
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Indian home services industry stands close to $100 billion (6.6 lakh crore), and with new companies being formed everyday, it has become highly contested. It means that only the very best of these would be surviving the tough competition.  <br />
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<a href="http://d152j5tfobgaot.cloudfront.net/wp-content/uploads/2015/06/service-industry.jpg"><em>Image source</em></a><br />

It’s an important year for the Indian home services industry

Krishnan <keyword id="6356252" type="PERSON" weightage="20" keywordseo="Ganesh">Ganesh</keyword>, has played a lot of roles in his life; from an engineer, to an entrepreneur, to now a venture builder, and his life has been nothing short of an trial. While his shoes have been too big to fill and as they keep changing, he is currently pioneering a unique model with Growth Story in India, which is probably only made popular by Rocket Internet in the country.<br /><br />GrowthStory is the venture-builder platform that Ganesh and his wife, Meena set up in 2011 which has promoted some of India's most disruptive start-ups including Portea Medical, Big Basket, Fresh Menu, Home Lane, AcadGild, HouseJoy, Social Frontier and many more. 

    

    

    

    

    

    

    

    

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This model is unique due to the fact that while Ganesh and Meena come up with entrepreneurial ideas, they hire executives to pull it off. It is not primarily "investment" only, but where GrowthStory is the "promoter," but where the Partners are often the originators of the idea, work to get a founding team in place, drive fund raising early in the game, work closely with founders to scale the venture, guide strategic direction et al.<br /><br />This ‘express’ entrepreneurship that the power couple pull through is extraordinary and the back- story to it is a roller coaster that, you can’t forget.<br /><br /><strong>Early life and career<br /></strong><br />Ganesh’s father died in an accident when he was just nine years old and as the eldest of three siblings, he felt the need to set an example. His mother was a hard-working government servant and bought them up to the best of her capabilities.

    

    

    

    

    

    

    

    

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So Krishnan<strong>, </strong>became a mechanical engineer passed out from Delhi College of Engineering, and even got a post graduate degree from IIM before realizing that he didn’t want to be an engineer or just an MBA graduate.<br /><br />Ganesh credits his entrepreneurial trials to <keyword id="44903" type="PERSON" weightage="20" keywordseo="Shiv-Nadar">Shiv Nadar</keyword>, under whose guidance he experienced different business function, “I worked for five years in various functions and also as executive assistant to Shiv Nadar. My first venture started in 1990, a company called IT&amp;T where me and my friends pooled in money to get it started,” he told Business Insider.<br /><br />He ran the company till 1998 and remained the largest shareholder and director of the company till 2003 when it was sold to iGate.<br /><br />He went back to the corporate life but after two-years stint went back to entrepreneurship with his second business venture called CustomerAsset with Meena and another partner.<br /><br />It was later acquired by ICICI Bank in 2002 and Ganesh made $ 20 million for his stake in the company.

    

    

    

    

    

    

    

    

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In 2003 he stumbled upon an innovative new company called Marketics which was started by IIT and IIM graduates. Ganesh was approached for investment, mentoring and guidance. This company was also sold off to WNS, for $65 million where only half a million dollars were invested in this business without venture capital funding.<br /><br />Then Ganesh again started his own business with TutorVista in 2006 which was bought out completely by Pearson for Rs. 1000 crore. His multiple hits have led him to be where he is, but that isn’t without the missus by his side.<br /><br />When the the last acquisition happened, Ganesh and Meena decided to take the hard road and continue their entrepreneurship journey albeit this time, differently.<br /><br />"Only 5 per cent of start ups succeed and Ninety-five per cent end up failing. I see still young entrepreneurs after starting a company against all the odds. I'm addicted to fueling that until I can," says Krishnan when asked about why his family still makes risky businesses instead of just ‘settling down’.<br />

    

    

    

    

    

    

    

    

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<strong>The Perfect Pairing<br /></strong><br />When it comes to Meena and Krishnan Ganesh, their complementary skill sets have given fuel to the train that is Growth Story. Professionally, Meena is more lauded as the CEO of <span class="m_-1612048191318142896gmail-profileshighlight"><keyword id="6398216" type="COMPANY" weightage="20" keywordseo="Tesco">Tesco</keyword></span>,No.2 at <keyword id="10387" type="CITY" weightage="20" keywordseo="Microsoft">Microsoft</keyword> and now CEO at Portea, but Ganesh is the visonary that knows they can achieve so much together.<br /><br />As co-founders and life partners, they know that team work is the key to making a venture start and keep it running.<br /><br />

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