Qyk, one of the fastest growing hyper-local professional services start-up has announced its pre-series A funding round which was valued at $1 million. Growx ventures, an early-stage investment firm led the funding round while existing investors Traxcn Labs, Powai Lake Ventures and Delhivery co-founder Sahil Barua also participated in the round.
The Qyk app offers professionals like dieticians, tutors, event planners, fitness experts, interior designers, CAs and lawyers with classifieds. Founded by IIT-Bombay and IIT-Kharagpur alumni Deepak Singhal, Sangharsh Boudhh, Shobhit Singhal and Anubhav Sahoo who were earlier associated with Ola, InMobi, Practo and Deutsche Bank, Qyk started its operations in March 2015 in Bengaluru and currently has a team of 70 individuals which is expected to reach 200 in year.
Ashish Taneja, MD of Delhi-based 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 its inception 2 and a half years ago, growx has invested in around 15 companies such as Claro Energy, Mad Street Den, Locus.sh and Quandl.
“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.” Said Deepak Singhal, CEO, Qyk.
According to Abhishek Goyal, co-founder Traxcn Labs, Qyk has a scalable business model and has an impressive growth chart ahead of them. He further added that their product-oriented positioning in the market will it establish itself in the market.