Qyk raises $1 mn in early-stage fund­ing

The Pak Banker - - COMPANIES/BOSS -

: 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.

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