Quick Smart Wash (QSW), a company that manages linen, has raised $5.15 million in a Series B round that was steered by Elan Corporation, a Japanese company.
Although the business withheld its current valuation, it intends to raise $10 million in a Series C round.
According to a press release from QSW, the most recent proceeds will be used to boost the company’s capacity, and revenue, and introduce an inventory management system.
Rakesh Sharma established QSW in 2013, which provides expert linen management services, self-service laundries, and laundromats. According to the company, the enzyme-based chemical it uses results in 30% less production of linen lint, extending the life of the fabric and ensuring higher-quality results. The business has provided services to the healthcare, educational, hospitality, and other sectors.
According to QSW, it has established and is operating processing facilities in Jaipur, Hyderabad, Bengaluru, Delhi NCR, Manipal-Udupi, and Jalandhar-Amritsar. It also intends to establish CPUs in Kochi, Kannur, Chennai, and Ahmedabad, covering 9 states nationwide.
The company states that it processes 100,000 garments daily and has a daily capacity of 35 tons. Within this fiscal year, it plans to process 165,000 pieces per day to reach a daily capacity of 55 tons, and in the following 24 months, it wants to increase revenue by 2.5 to 3 times that amount.
In FY22, QSW generated revenue of Rs 13.66 crore and a profit of Rs 10.51 lakh. The business has not yet submitted its FY23 financials.
