Classifieds provider Qyk raises $1 mln from growx

qykQyk, the fastest growing hyper-local professional services startup in India announced a $1 mn pre-series A investment 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 this round.

Qyk’s app offers professionals such as event planners, tutors, dieticians, yoga teachers, interior designers, chartered accountants and lawyers.

The company was founded by alumni of IIT Bombay and IIT Kharagpur – Deepak Singhal, Sangharsh Boudhh, Shobhit Singhal, and Anubhav Sahoo, who previously worked with companies like Ola, Inmobi, Practo and Deutsche Bank.

growx is an early-stage investment firm based out of Delhi, which works closely with investee firms at both strategic and operational levels to drive scale and success. Its investments are focused on seed and angel stages across a wide range of sectors.

growx has invested in about 15 companies since its inception two-and-a-half years ago, including Claro Energy, Mad Street Den, and Quandl, among others.

Speaking about the investment, Ashish Taneja, MD, 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’ve already seen this model see huge success in the USA with Thumbtack, and believe that the rock star Qyk team will be the one to make this succeed in India.”

Since starting operations in March 2015 in Bangalore, Qyk has grown to over 70 member team and expects to scale up to over 200 in a year’s time. Qyk now has over 10,000 professionals across 100 categories and handling hundreds of requests every day. They are live in Bangalore, Mumbai, and Delhi and have plans to expand if few other key cities over the next six months.

Deepak Singhal, CEO, Qyk: “We are delighted to have growx as an investor – they believe in our model and our long-term vision of building a frictionless and efficient marketplace for local services. It is also heartening to see our seed investors backing us again.”

Abhishek Goyal, Co-founder Tracxn Labs, added, “Having worked earlier with Deepak and the founding team, I am confident of their capabilities in building a scalable business while keeping the pulse of the customer at heart. Looking at their impressive growth and their product-oriented positioning in the market, I believe they will be looking at break-away growth and establishing themselves as the market-leader very soon.”