Mumbai-based MyDidi.in, which allows booking on-demand domestic help, has acquired TimeMyTask Services Pvt Ltd, another city-based start-up that runs an on-demand home cleaning services platform.
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MyDidi's acquisition of TimeMyTask in an allstock deal values the later at approximately $1,015 million, as reported by the Economic Times. It also gives MyDidi access to B2B operations in New Delhi, Bengaluru and Pune in additional to its own B2C business in Mumbai.
IIT-Bombay alumni Saurav Suman and Mohit Verma founded TimeMyTask in 2014, while Jhonny Jha, who also graduated from IIT Bombay in 2012, started MyDidi in June 2015 to train women professionals (domestic helpers) and help them gain upward social mobility through skill building.
"TimeMyTask has about 10,000 customers and a fleet of 200 cleaners who will join our team. That would help us multiply our customer base by 1.5 times," Jhonny Jha, CEO of MyDidi, told ET.
In February 2016, TimeMyTask had raised an undisclosed amount in a round of funding to expand to more suburbs of Mumbai and launch the technology applications for both customers and cleaners.
TimeMyTask's Suman and Verma will lead the B2B segment for the new entity, which will operate under the brand of MyDidi.
After the acquisition, MyDidi is planning to introduce a new service category beyond the existing on-demand maids and deep cleaning services.
"We plan to introduce commercial cleaning as a service. The merger will help us tackle the whole cleaning problem with three vast categories, namely on -demand maids, deep cleaning and commercial cleaning," Suman said.
At the same time, MyDidi plans to increase revenues by 3 times through the B2B segment on both operational and fixed costs basis. Jha said the acquisition will help the company strengthen its organic revenue stream and that would help reduce the need for external fundraising.
