“We aim to reach Rs.50 crore revenue mark by March 2020”: Rakesh Gupta
In an exclusive conversation with Rakesh Gupta, Co-founder of Lifeasy sheds light on the growth strategy of the company.BY Shipra Srivastava | April 30, 2018 | comments ( 0 ) |
How did Lifeasy get started? Also shed light on your journey so far?
LIFEASY, as the name suggests, intends to make people's lives easy and convenient with it's on demand home services, especially for those who are living in big cities, amidst a hectic lifestyle, by Solving the execution challenges in Service delivery with its Full Stake (End to End) Delivery Model. Integrated with technologically advanced software, user-friendly interface and trained in- house technicians, Lifeasy has developed a robust mechanism to bring competence in the services offered to its customers.
Lifeasy commenced operations in April 2016 with a 5 member team. In FY 2016-17 we executed 4000 orders. So far in FY 2017-18, we have executed more than 25000 orders, a 5X jump in QoQ revenue & order execution.
In order to organize a highly fragmented sector, the company has employed highly trained professionals who have the requisite expertise to service, repair, maintain and install a wide array of products and systems. Lifeasy’s 125+ team members are today delivering delightful services across Delhi / NCR.
We have scaled our operation in Delhi/ NCR and are now executing approx 3500-4000 services, monthly and have achieved our first milestone of becoming operational cash positive and profitable in 2018.
Kindly shed light on categories of services? Presently, how many pin-codes and cities are covered by Lifeasy? What is the size of your customer base?
We are offering around 200 types of services in 18 categories. Currently we are providing the services in Delhi/ NCR region, which includes Delhi, Noida, Greater Noida, Gurgaon, Ghaziabad & Faridabad.
Envisioned to lead the industry by trusted offerings right from repairing the leaking taps to old furniture or fixing unexpected electrical issues, to appliance repair or painting homes to clean them, or providing personal care services, Lifeasy does it all. Lifeasy deploy experts for all of client’s requirements related to electrical, plumbing, carpentering, IT repairs, AC Service, Home Appliance Repair, Modular Kitchen, Home Painting, Beauty Services, amongst others.
We have successfully delivered services to more than 30000 customers till date, and are now executing approx 3500-4000 services monthly.
Concepts such as Lifeasy is more relevant to urban cities. What are your plans for tier 2 expansion?
Its true that the adoption in urban cities is encouraging and customers are feeling happy that now they are getting the professional service that they can trust. This is more relevant as urban population is increasing and has disposable income to use and enjoy professional home services. So far the majority of home services were provided by unorganized small time technician and local shops which were having many challenges for customers like security, pricing, on time service, quality, after sales support etc.
Who do you see as your competition within the same space. Urbanclap is the player which is operational in this space for a while now, how do you see you have edge over them?
They are many companies who are also offering on demand home services, however almost all are purely working on marketplace and aggregator model. On other side, Lifeasy offers services by own employed and trained manpower to ensure the on time service delivery with transparent prices and quality assurance.
The Market size is too big and has enough space for multiple service providers to successfully scale the operation and business. Lifeasy differentiate itself from the competition by offering Home Service subscription Package apart from single service booking option, Service availability in extended time zone & TAT guaranteed for services. In Corporate segment, we offer services as backend infra structure partners.
Also Predictability about on time delivery of service, quality service and transparent prices sets us apart from competitors. Since Lifeasy employees own staff and a well trained team executes majority of the services, these assurance are easy to deliver. We have direct control over the delivery of services and thus are able to ensure a delightful customer experience.
Are you bootstrapped or you have raised some sorts of funds?
We have practically bootstrapped this venture so far and have raised only a small amount of Rs. 1.25 crores as seed fund from friends and family to support our growth.
What are the major challenges when it comes to on-demand service fulfillment?
Majorly home services industry is unorganized & unstructured and there are a lot of challenges in the industry, along with the scattered distribution such as small time or local technicians, security, pricing factor, on time delivery, quality issues, after sales support and more. All these issues are big challenges for the industry, as well as l the customers.
The fundamental challenge in household services delivery is scarcity of skilled and experienced technical manpower. If there is no availability of technician, services cannot be delivered. Lifeasy is not only making the booking process easy for customers but also managing the area wise density of technical team so that we can provide timely services to customers. Only visibility without service delivery provisions doesn’t address the customers’ requirements.
Our efforts are to give users comfort and ease in searching, booking and managing the services of their choice and requirement. They can book services via our Android and IOS app, website and dialing to our centralized customer care number.
At last, kindly highlight your growth plans for FY18-19?
We have serviced more than 30000 customers so far and our revenue was rs.3.25 crores for Fy17-18. We are all geared up to scale the daily service execution to 500-600 per day in next couple of months and more than 1500 services per day on addition of new cities. We are confident to reach Rs.50 crore revenue mark by March 2020.