HappyLocate Raises INR 4.4 Cr In Pre-Series A Round Led By Inflection Point Ventures Funds raised will be deployed for technological up-gradation, better market penetration, and service expansion
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Bengaluru-based relocation platform HappyLocate on Thursday announced to have raised INR 4.4 crore in pre-Series A funding round led by Inflection Point Ventures (IPV) and participation from VM Ventures.
The funds raised will be directed towards scaling up their operations, technological upgradation, better market penetration, and service expansion.
"HappyLocate has carved out its USP by ensuring that the relocation is more of an experience as opposed to a dreadful task for its customers. Their customer focus makes them the only player with a full-stack solution available in a large market, covering not only packing and moving but also housing assistance and travel assistance. We are happy to partner with them in their growth journey," said Vinay Bansal, founder, and chief executive officer, IPV, in a statement.
The company features an industry-exclusive AI-based relocation management platform that enables large organizations to automate and manage their employee relocations end-to-end and is already serving brands such as Coca Cola, United Breweries, Britannia, Titan, Quess Corp, ITC Infotech, Spar, and Western Union.
"We have not just taken a V-Shape recovery but have grown 300 per cent from last year. The new normal has given a natural boost to HappyLocate as companies are now looking for solutions that are intuitive, intelligent and that remove human dependency end to end," remarked Ajay Tiwari, co-founder, and chief executive officer, HappyLocate, in the following statement.
Founded in 2016 with a vision to organize the relocation ecosystem in India by Ajay Tiwari and Sainadh Duvvuru, the platform has maintained to have served over 10,000 relocation requests to date. With its exhaustive network of more than 100 verified movers and over 16000 hotels across the country, the company claims to stand for an unalterable commitment to uniformity in experience across geographies.
The firm's bigger goal is to become a one-stop-shop for all the relocation-related needs of corporates and their employees.
"We have built systems and processes to deliver memorable and seamless relocation experience to employees and enhance productivity and cost savings to corporate," added Sainadh Duvvuru, co-founder and chief business officer, HappyLocate.
The relocation ecosystem of India has always been a tricky one. While the global serviceable addressable market is about $1 trillion, the Indian market is valued at around $21 billion. Despite being a large ecosystem, the average customer rating of the industry as a whole is at abysmal 2.5/5.0 with an average damage-free relocation rate of 63 per cent.
However, with their customer-first approach, the company fares much higher than the industry average with a strong customer rating of 4.7/5.0 and an average damage-free relocations rate at 96 per cent.
