Linen management company Quick Smart Wash (QSW) has raised $5.15 million from Japan-based Elan Corporation.
These funds will be used to expand QSW’s capacity from 35 tonnes of clothes a day to 55 tonnes, the company said in a statement. The startup also plans to set up central processing units in Kochi, Kannur, Chennai, and Ahmedabad. “This partnership will help us build more capacity with deep technology sharing,” said Rakesh Sharma, Managing Director of Quick Smart Wash Private Limited in a statement.
In the next 24 months, QSW startup is looking to increase its revenue by almost 2.5X-3.0X, it said in a statement.
Segments of the market that QSW caters to namely healthcare, educational institutions, and hospitality, make up a market size of $4 billion per year. The laundry market in India as a whole accounts for $15 billion including B2B and B2C segments.
“We have done a feasibility study for the CS-Set (Care Support-Set) business in India and realised that the linen supply company is one of the most important elements for success. Quick Smart Wash has huge potential in the linen rental business to accommodate India’s emerging market needs,” said Hideharu Sakurai, Chairman, and CEO, of Elan Corporation.
Set up in 2013, Quick Smart Wash offers professional linen management services. It currently has central processing units in Jaipur, Manipal-Udupi, Delhi NCR, Hyderabad, Bengaluru, and Jalandhar-Amritsar.
Edited by Akanksha Sarma
