Qyk raises $1 mn in early-stage funding
: Mumbai: Bengalurubased professional services listing company Qyk Inc. said on Tuesday that it had raised $1 million in a pre-Series A ( earlystage) round of funding led by GrowX Ventures, an early-stage investment firm. Existing seed investors-Tracxn Labs, Powai Lake Ventures and Sahil Barua (co-founder, Delhivery)-also participated in the round.
Qyk, founded in 2014 by Deepak Singhal, Sangharsh Boudhh, Shobhit Singhal and Anubhav Sahoo, is currently servicing markets in Bengaluru, Mumbai and Delhi. "The traditional approach to finding service providers via listings is painful, and broken, and leaves both the consumer and the service provider dissatisfied. We've already seen this model see huge success in the US with Thumbtack, and believe that Qyk will be the one to make this succeed in India," said Ashish Taneja, managing director with GrowX Ventures. Start-ups in the services listing space are attracting a lot of investment from investors. In April, Localoye.com raised $5 million from Tiger Global and Lightspeed India. UrbanClap raised $10 million in funding from SAIF Partners and Accel Partners in June. Sulekha.com raised Rs.175 crore, its third round of funding, from Singapore's sovereign wealth fund GIC Pte Ltd and Norwest Venture Partners in April.