Monday, 6 February 2017

Hicare to invest Rs 100 cr to expand cleaning services

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India's largest home cleaning service provider Hicare Services said it is investing Rs 100 crore for expansion and aims revenues of Rs 400 crore by 2020. "We are looking at investing around Rs 100 crore to expand in B2B segment to grow our business. The company also targets revenues of Rs 400 crore by 2020 from the present Rs 100 crore," Hicare Services CEO Himanshu Chakrawarti told PTI here. 

Hicare was founded by Godrej Industries in 2004 to provide pest control services to residential customers in Mumbai, eventually expanding to become a pan-India player serving both residential and commercial customers. It was acquired by Danish multinational ISS in 2009, making Hicare India's second largest pest control service provider. In 2014, True North (formerly known as India Value Fund Advisor), one of the leading PE funds in the country that manages over USD 1.2 billion in assets, invested in Hicare. Hicare has entered into the space of professional home cleaning services in India.

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