Qyk, a hyper-local marketplace for professional services has secured $1 million in pre-series A round of funding led by Growx Ventures along with existing seed investors Tracxn Labs, Powai Lake Ventures, Sahil Barua.
Founded in 2014 by IIT-B and IIT-K alumni, Deepak Singhal, Sangharsh Boudhh, Shobit Singhal and Anubhav Sahoo, Qyk connects its clients with the best, verified providers for over 100 categories of professionals from skating coaches to tax consultants in a short time possible through the mobile app. The startup also brings in freelancers and professionals to grow their business and improve their market reach.
The system makes use of highly efficient algorithm to bring together demand and supply based on specifications like requirements, location, availability and budget. Recently, the mobile platform has launched a chat facility that allows customers to directly communicate with the vendor and they are working on developing a rating system which would help the customer to choose the vendors better with the rating and feedback from other clients.
Functioning with the 70-member team, the company plans to make it 200 member team before 2016. With the newly raised funds, the company plans to expand into more cities, requite more people and improve its technology. “Before we expand or open operations in other cities, we would like to completely penetrate deeper into these seven cities (Bengaluru, Mumbai, Pune, Delhi, Chennai, Hyderabad and Kolkata) with more vendors and clients.” He also added, “we see this as a tech-led solution. We have a brilliant team and the right skill sets to make this happen.”
Ashish Taneja, managing director of Growx Ventures said, “The traditional approach to finding service providers via listings is painful, and broken, and leaves both the consumer and the service provider dissatisfied. Qyk is here to change that and dramatically improve the experience of finding any kind of professional help. We have already seen this model see huge success in the US with Thumbtack, and believe that the Qyk team will make this succeed in India.”
In last March, the Bengaluru-based startup has raised an undisclosed amount as angel funding from a bunch of investors that includes Zishaan Hayath, co-founder of Toppr.com; Abhishek Goyal, co-founder of Tracxn.com and Barua of Delhivery.com. “Having worked earlier with Deepak and the founding team, I’m confident of their capabilities in building a scalable business while keeping the pulse of the customer at heart. Looking at their growth and product-oriented positioning in the market, I believe they will be looking at break-away growth and establishing themselves as the market-leader soon.”