Inspacco raises $200 thousand in angel round
Pune-based service tech startup Inspacco announced on 26 July 2021 that the company, in an angel round, has raised $200,000 from a group of IIT and IIM alumni working as senior executives with chief foreign investment banks.
Founded in 2019 by IIM A alumnus Sanket Nerkar and Paresh Kotkar, Inspacco is a service tech startup that offers a one-stop solution for residential, commercial and industrial establishments. It offers regular, periodic and one-time maintenance services such as housekeeping, electricals, surveillance, and pest control, among others, to gated communities.
The startup also provided disinfection and sanitisation services to combat the spread of COVID-19.
Presently, Inspacco claims that it has provided services to more than 100 residential communities and 15 corporates spread across 24 states and over 300 cities in India.
According to the Co-founder and CEO Sanket Nerkar, the startup will use the fresh capital for business, sales, product development and in tech hiring.
“We are also on-boarding financial intermediaries as part of this ecosystem to ensure beneficial terms to both clients and service providers,” remarked Paresh Kotkar, Co-founder and COO.
“Management of gated communities- residential and commercial, is dominated by fragmented, disaggregated, non-tech savvy, and non-professional service providers. This investment will accelerate our aim to reach 500 communities and provide them with smarter living through a tech enabled ecosystem of 10,000 service providers. The funds will be utilized in hiring rock-stars across sales and tech functions,” Sanket said.
One of the investors who is the CEO of UAE based company, while commenting on the investment, said, “Inspacco is in the process of disrupting a multi-billion-dollar fragmented market. Despite the brutal second wave of COVID-19, the company has experienced exponential growth in the last few quarters. Inspacco has built a strong and sticky user base which in turn provides multiple opportunities to expand into peripheral product offerings. The team of Inspacco has the right mix to crack the code and we are glad to be a part of their journey.”