HandyMama Raises a Bridge Round, Aims to Strengthen its Business out of the Coronavirus Pandemic
HandyMama, the leading professional cleaning and handyman services platform in Bangladesh, has announced that it has raised an undisclosed amount in a bridge round investment as it looks to strengthen its business out of the coronavirus pandemic and aims to become cashflow positive by December 2020.
The round is led by Kowser Ahmed Nirob, founder and CEO of The Kow Company Ltd, CutOutWiz; an image & video content post-production company with 500+ employees. Mr. Nirob is also on the Handymama board of directors.
Mr. Nirob has scaled his business from a small team to over 500+ people in less than 3 years. His expertise in people management, customer service, marketing, and strategy are likely to come in handy for HandyMama. Mr. Nirob will be actively involved with the HandyMama CEO to help develop marketing strategy, operational planning, customer service strategy, partnerships, and more as the company moves with its new plan.
“My long-term goal is to see HandyMama become the number one household name in Bangladesh for all the verticals that we operate in,” says Mr. Nirob. “I expect this to be achieved by creating efficiency and speed while creating a brand that truly resonates with our name “HandyMama.”
Previously, Handymama raised $300K in seed in early 2019 led by BD Venture and participated by 3 other prominent angel investors including Tanveer Ali.
“Before COVID, our fundraising strategy was different,” says Handymama co-founder and CEO, Shah Paran. “We had to revise the entire fundraising plan and business strategy. So we revised our ask and approach to stand back after COVID. Post-COVID, we set our goal to reach operational break-even and become cashflow positive as soon as possible. Hopefully, we will be cash-flow positive by December 2020.”
With the bridge round capital, the company aims to invest in brand awareness, marketing, and service excellence. Mr. Paran says Handymama wants to become the best customer service company in town by 2021.
HandyMama was launched on 29th May 2015, aiming to standardize the service industry of Bangladesh for both customers and the service providers. The company says it provides the best quality cleaning, disinfection/antiviral cleaning services, pest control, appliance repair, packing & moving, and other maintenance services via its mobile app, website, call center, and social messaging apps.
Over the years, it has built a large pool of verified and trusted professional cleaners, and maintenance services people in Dhaka city. Handymama platform has over 1000 trained cleaning professionals and 2000 more verified service providers for other handyman services.
“HandyMama has served over 70,000 unique households and over 5,000 businesses over the last 5 years,” says Mr. Paran. “We have employed over 150 full-time service staff in cleaning and other categories. Providing the topnotch services to our customers with the highest safety, security and satisfaction have become our core values over the years.”
The company says it aims to serve 100,000 unique households on a daily basis in the next 5 years.