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2014-06-25

Indian entrepreneur raises $30mn for US start-up

New York City-based startup Handybook, the leading on-demand home cleaning and repair service co-founded by Indian entrepreneur Umang Dua, announced it has closed a $30 million (Rs 180 crore) Series B investment round led by Revolution Growth, the $450 million fund co-founded by Steve Case, the former CEO of America Online. Existing investors Highland Capital Partners and General Catalyst Partners also participated in the round. Handybook has now raised $49 million (Rs 295 crore) in total capital. With the new investment, Handybook will continue to build the team and product necessary to deliver a great consumer experience to meet growing demand across its 26 cities in the US and Canada.

New York City-based startup  Handybook, the leading on-demand home cleaning and repair service co-founded by Indian entrepreneur Umang Dua, announced it has closed a $30 million (Rs 180 crore) Series B investment round led by Revolution Growth, the $450 million fund co-founded by Steve Case, the former CEO of America Online. Existing investors Highland Capital Partners and General Catalyst Partners also participated in the round. Handybook has now raised $49 million (Rs 295 crore) in total capital. With the new investment, Handybook will continue to build the team and product necessary to deliver a great consumer experience to meet growing demand across its 26 cities in the US and Canada.

 

Handybook was founded in 2012 by two Harvard Business School classmates, Umang Dua and Oisin Hanrahan, to instantly connect consumers with trusted home improvement and cleaning professionals. The company first launched in Boston and New York and quickly expanded to 26 markets throughout North America. With background checked professionals and a 100 per cent money-back guarantee, Handybook is the easiest way to find, book and pay for on-demand home services. Bookings can be made in 60 seconds on www.handybook.com or on the Handybook mobile app. In addition to home cleaning, the brand offers home repair services including plumbing, electrical work, painting, moving, furniture assembly and many other tasks.

 

"The past year has been incredible for Handybook. We've been experiencing 60 per cent month over month growth and with the Revolution Growth team we look forward to developing the remote control for managing your home," said COO and Co-founder Umang Dua. "Revolution Growth's understanding of building a business on a local level, insight, guidance and capital will help us maintain our successful customer service model that is so important to us at Handybook."

 

The son of Dr. Ajay Dua, the former Secretary of the Ministry of Industry & Commerce, Umang is a native of New Delhi. An alumnus of The Doon School, Dua went on to study in the United States at Amherst College and in the United Kingdom at Oxford University. While attending university in America, Dua founded his first start-up College Connect which connected Indian college applicants and MBA applicants to enrolled students around the world.  After graduation, Dua worked in India for McKinsey & Company, before attending Harvard Business School.

 

Available across the United States and Canada, including New York, Los Angeles, San Francisco, Boston and Toronto, Handybook has experienced significant growth in 2014. The brand purchased Exec, a West Coast based on-demand home cleaning and improvement brand in January 2014 and launched in 12 additional cities this spring. The company's expansion has led to an unprecedented rate of growth in customers, revenue and jobs booked as well as consistent double digit month over month growth since January 2014.

 

"Handybook's growth across North America over the last two years has been amazing. We look forward to continuing deliver the best customer experience possible while building Handybook into a powerful global brand," said COO Umang Dua.

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