[Funding alert] HappyLocate raises Rs 4.4 Cr in Pre-Series A round
Inflection Point Ventures (IPV) with participation from VM Ventures., a Bengaluru-based relocation platform, has raised Rs 4.4 crore in Pre-Series A round, led by
The startup will use this funding for scaling up their operations, technological upgradation, better market penetration and service expansion.
Founded by Ajay Tiwari and Sainadh Duvvuru in 2016, Happylocate has served 10,000 plus relocation requests till date. It has a network of over 100 verified movers and 16,000 plus hotels across the country.
On the investment into HappyLocate, IPV CapitalFounder and CEO Vinay Bansal said, “HappyLocate has carved out its USP by ensuring that the relocation is more of an experience as opposed to a dreadful task for its customers. Their customer focus makes them the only player with a full-stack solution available in a large market.”
HappyLocate founders: Sainadh Duvvuru (left) Ajay Tiwari
HappyLocate is already serving a lot of marquee brands like Coca Cola, United Breweries, Britannia, Titan, Quess Corp, ITC Infotech, Spar, Western Union.
Ajay Tiwari, Co-Founder and CEO, HappyLocate said, “We have not just taken a V-Shape recovery but have grown 300 percent from last year. The new normal has given a natural boost to HappyLocate as companies are now looking for solutions that are intuitive, intelligent and that remove human dependency end to end.”
According to this startup, relocation ecosystem of India has always been a tricky one. While the global serviceable addressable market is about $1 trillion, the Indian market is valued around $21 billion.
Despite being a large ecosystem, the average customer rating of the industry as a whole is at abysmal 2.5/5.0 with the average damage-free relocation rate of 63 percent. HappyLocate claimed that its customer rating is 4.7/5.0 and an average damage-free relocations rate at 96 percent.
Sainadh Duvvuru, Co-Founder and CBO, HappyLocate said, "We have built systems and processes to deliver memorable and seamless relocation experience to employees and enhance productivity and cost savings to corporates."