While the company did not disclose the transaction value of the deal, the valuation of the merged entity has been pegged at about $5 million. Post the acquisition, both the brands will continue to run as separate entities.
With this acquisition, PickMy Laundry will leverage OneClick Wash's laundry processing unit, management team and tech infrastructure.Working as an aggregator initially, the merger will enable PickMyLaundry to offer a hybrid model that combines on-demand and subscription-based services.
Operating in Gurgaon, Delhi, Noida and Bangalore, PickMy Laundry typically partners with service providers to offer an array of services. The company adopted a franchise model recently opening its first offline experience store in Gurgaon and is looking to further expand its offline strategy post this deal.
“We are trying multiple models and will (adopt) all possible strategies for expansion.OneClickWash will help us penetrate deeper within the NCR region, reduce our processing cost and improve customer experience," Gaurav Agarwal, CEO of PickMyLaundry, told ET.