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Ronnie Screwvala invests Rs 15 cr in on-demand home services start-up Timesaverz
MUMBAI: Mumbai-based on-demand home services marketplace start-up Timesaverz Dotcom has caught the attention of former UTV boss Ronnie Screwvala.
Screwvala’s investment vehicle Unilazer Ventures has invested Rs 15 crore (Rs 150 million) in the start-up as part of series A funding.
Founded in April 2013 by former Vdopia executives Debadutta Upadhyaya and Lovnish Bhatia, Timesaverz gets service providers to customers for multiple services including cleaning, repairs, handyman jobs etc.
“On-demand home services comprise the new frontier of e-commerce where service is now a product. Large companies are going to be created in this space and we will work closely with the founders to make Timesaverz a leader in an existing $5 billion industry with immense growth potential,” said Screwvala.
The company intends to use the fresh funding in strengthening its technology solutions and product portfolio.
Incidentally, Timesaverz had raised undisclosed seed-funding in October last year from a clutch of angel investors including GSF Accelerator founder and former top boss of Reliance Entertainment and Times Internet Rajesh Sawhney and former Microsoft executive Neville Taraporewalla.
Timesaverz currently operates in Mumbai, Delhi, Bangalore, Hyderabad and Pune and is now looking at expanding its operations in 15 more cities.
Upadhyaya, who is also CEO of Timesaverz, said that the company, which started as a 2-hub operational company two years ago, has since grown to cater to one service request every three seconds, through a 1,000 plus Timesaverz partner network across five key metros. Since the launch of its new interface both on web and mobile, Timesaverz has been witnessing 3X growth in visitations and 80 per cent of the traffic is through mobile.
The company boasts of a network of over 500 service providers.
After selling UTV to Disney, Screwvala has made several investments in areas like education, healthcare and services. He also owns U Mumba, the Mumbai team franchise of Pro Kabaddi League. Along with former Network18 Group CEO B Saikumar, Screwvala has also floated a digital media venture named Arré. The venture is expected to go live later this year.