Wash Buddy India & CLE COIN Malaysia In Strategic Tie-up
Bangalore based Wash Buddy Laundromats (WB) and Malaysian based CLE COIN GROUP (CLEC) announce a Strategic Tie Up for India with immediate effect. This tie-up includes an investment and several key initiatives for the Indian Market.
- (1888PressRelease) October 26, 2017 - WB which started in 2014 commands 13 stores (both company-owned and franchisees) across Bangalore and will add another new 7 stores in both Tamilnadu and Karnataka in the next month.
CLEC has been the distributors of Maytag (US) in Malaysia for the past 17 years and were the pioneers of Self Service Laundromats in Malaysia since 2000.
Nathan Pillai, Group CEO of CLEC is very optimistic about this Strategic Tie Up in terms of the experience and expertise of CLEC and the entrepreneurial spirit and energy of the founders of WB. The target is to set up 500 stores in both Tier-I and Tier-II cities pan India within the next 5 years.
The estimated laundry market size in India is Rs. 2,20,000 Crore (according to Euromonitor estimates) whereas only 2 to 3 percent of the market is organized. This space had seen many start-ups in the recent years keeping in mind to organize the unorganized market with an influx of funds. However many had failed to make a robust business model and shut the doors in less than two years from the inception.
“WB developed a unique business model which customized the western laundromat concept to cater to Indian needs. The customer puts a lot of trusts to give their personal clothes to the laundromat. Unlike the neighborhood dhobi who visits your home regularly, online laundry players had to put a lot of effort to create the trust to the customer. Therefore, WB has a hybrid model by having both an online presence and offline stores. The failure of the aggregation model is due to not having neighborhood stores and no control over the quality and logistics” – said the co-founder, WB, Hariharan Jeeva.
“The 17 years of operating experience that CLEC brings to the table will help develop the WB brand in a big way. We started as a very small unit with the single machine - tried, tested and now developed a unique operating model which will fetch a decent income to the franchisees and good customer experience. We are very positive about the expansion plans as we haven’t focussed much on advertising and our growth so far is by word of mouth only. With CLEC joining hands together we are confident about the new strategy that we are putting forth” – said co-founder, WB, Visalakshi Natraj.
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