SayFix secures Rs 1.1 crore in Angel Funding

India Infoline News Service | Mumbai | February 24, 2016 08:27 IST

SayFix, a service-commerce organisation in the home services segment, has raised Rs.1.1 Crore ($160 K) in an angel round led by a group of serial investors and entrepreneurs.

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 1,00,000 customers across 5 metro cities within a year.

Launched in June 2015, SayFix, a Bangalore based start-up, offers services ranging from maintenance and home repairs to high quality plumbing, electrical services, home cleaning and car care. Their focus on consistent quality of service has resulted into 12,000+ happy customers with penetration in 1,000+ apartment complexes in Bengaluru alone. The company’s leadership team includes seasoned professionals and serial entrepreneurs with an IIT/IIM/NIT background.
Talking about the angel funding, Nabin Roy -Founder and CEO of SayFix, “This is an important milestone for SayFix in its endeavour 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 unorganized market by leveraging technology platforms and processes; and providing world class service experience to Indian consumers,” adds Nabin Roy.

"This transaction is a testament to the relentless efforts of the SayFix team towards the highly unorganized Indian Home Services market that is pegged at over $100 billion. DIA Capital Advisors remains committed to ensure access to capital for the growth-oriented businesses like SayFix that is creating a new breed of micro-entrepreneurs by unlocking lakhs of new job opportunities for service professionals," said Nishant Navin - Founder and Managing Partner of Bengaluru-based Investment Banking firm DIA Capital Advisors that acted as an exclusive financial advisor to this transaction.

According to lead investor, Yajnanarayana Kammaje, Chairman and Managing Director of Sona Group, “The service sector is one of the fastest growing sectors in the Indian Economy 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 also a significant investor in propelling SayFix’s growth added, “We believe Nabin and Team are building a formidable business by providing a quality platform for service centric hyper locals. 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 USD 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.”