The start-up game: Asking around for a plumber is old-fashioned! Get online for infinite home service options!
The Capital-rich home service ventures in India have taken the bustling e-commerce industry by the proverbial storm. This lucrative, but risk-laden business is attracting large number of customers because of the efficiency, convenience, and timely delivery it offers.
Everyone wants a little convenience in life. Earlier, if you wanted the services of an electrician, you scouted for one, asked around, but you no longer need to get hassled, the home services landscape has changed!
According to startup industry tracker, Tracxn, the home service industry in India is expanding swiftly, with about 69 startups founded in 2014 alone. Players include HouseJoy, Taskbob, Timesaverz, Urban clap, Genieji, Doormint, Hometriangle, Qyk and many more. These online shops provide wide- ranging services – plumbing, painting, electrical service, laundry, pest control, health and wellness, tuition and hobby classes, dance, music, artists, photographers, and birthday party planners.
They are riding a growth rocket and inviting millions of dollars in investment. According to an estimate, some $130 million was invested in 28 rounds in the past six months in this space.
The idea of paying someone else to take care of the services you don’t have the time, skill, tools or the inspiration for, is not a new phenomenon, but with the rise of the web world, it has become more organized, competent, stress-free, and professional.
Most start-ups are operating on an All-India level, except for Genieji. The Pune-based e-commerce start-up is currently operating within a limited region, but is in the process of fueling it, providing it with the right thrust to take it to greater heights and more number of cities.
Anil Nair, founder of Genieji, revealed: “Our strong point is in understanding the pulse of the local market, its daily needs and regulations, and most importantly, use these learnings to focus on service delivery to customer.
Recognizing the future potential, investors are hedging their bets on the home service industry. Although the long-term prospects make for an appealing investment opening, how best to derive profit is still unclear. The source of key anxiety is the ability of these entrepreneurs to build and run large scale businesses.
Industry experts, the doubters, believe that the home service industry is a big bubble, which will bust once it reaches saturation.
Whether the industry succeeds or fails, only time will tell.