SayFix, a service-commerce organisation in the home services segment, has raised Rs 1.1 crore in an angel round led by a group of serial investors and entrepreneurs. Lead investor is Yajnanarayana Kammaje, Chairman and Managing Director of Sona Group.
The funds raised during the angel funding round will be used to develop and enhance the technology infrastructure behind SayFix and invest in marketing activities to build the brand. The company aims to serve 100,000 customers across five metro cities within a year, said the company.
Launched in 2015, SayFix offers services ranging from maintenance and home repairs to plumbing, electrical services, home cleaning and car care. The start-up claims a customer based of around 12,000 with penetration in over 1,000 apartment complexes in Bengaluru alone.
The company's leadership team includes seasoned professionals and serial entrepreneurs with an IIT/IIM/NIT background.
Nabin Roy -Founder and CEO of SayFix siad that this fund raising would support company's vision to become India's largest Service Commerce Company by 2020 generating $1 billion in Gross Transaction Value (GTV) and serving 1 million customers.
"After the acceptance of E-Commerce in the country, Indian consumers now want similar experiences while ordering services online and look towards a company like SayFix to take care of its end-to-end customer experience. We at SayFix aim to bring structure to this unorganised market by leveraging technology platforms and processes; and providing world class service experience to Indian consumers," adds Roy.
Bengaluru-based Investment Banking firm DIA Capital Advisors acted as an exclusive financial advisor to this transaction.
Kammaje said the service sector is one of the fastest growing sectors in India at present and as a result, the service-commerce industry is definitely the need of the hour. In today's time, there is high requirement of reliable, professional and high quality handyman services for individuals as well as businesses. SayFix is on the right track towards providing high-quality services on demand."
B V Naidu, Chairman & CEO, Sagitaur Ventures Pvt Ltd and Managing Partner, StartupXseed Ventures LLP and also a significant investor in propelling SayFix's growth, added "on-demand home services comprise the new frontier of service-commerce where service is now a product".
"Large companies are going to be created in this space and we will work closely with the team to make SayFix a leader in an existing $100 billion industry with immense growth potential. Our decision to back the company was driven by the operational efficiency demonstrated by an experienced team and the social impact it has created among the unorganized but skilled service partners," he said.