LegUp, a Bengaluru-based caregiving-tech startup, has successfully raised ₹2 crore (~$250,000) in its pre-seed funding round, marking its first official fundraising since its inception in May 2024. The investment was led by Bluebridge Capital Private Limited.
Enhancing Technology and Expanding Services
The newly acquired funds are slated to bolster LegUp's technological infrastructure and operational capabilities. A significant portion is allocated for the development and launch of two mobile applications:
- Customer App: Enabling users to seamlessly book caregiving services.
- Caregiver App: Assisting caregivers in finding job opportunities and managing work-related tasks.
These initiatives aim to streamline the connection between families and professional caregivers, enhancing service accessibility and efficiency.
Diverse Caregiving Services
LegUp offers a comprehensive range of caregiving and companion services tailored to both baby care and elder care segments, including:
- Japa nanny services
- Babysitting
- Elderly homecare attendants
Since its launch, the platform has onboarded over 10,000 verified and trained caregivers, reflecting its commitment to quality and trust.
Impressive Growth Trajectory
Demonstrating a robust growth pattern, LegUp has achieved a 40% month-over-month increase in revenue. Currently, the company boasts a Monthly Recurring Revenue (MRR) of ₹22 lakh and has set an ambitious target of reaching an annual revenue of ₹15 crore in the upcoming fiscal year.
Strategic Expansion Plans
Looking ahead, LegUp plans to extend its services beyond Bengaluru to major cities including Hyderabad, Mumbai, Pune, and Delhi by the end of 2025. The company also aims to expand its network to over 100,000 caregivers across India, addressing the growing demand for reliable caregiving services.
Founders' Vision
Co-founders Ananthu V, Jerin Mathew, and Mahesh Narayanan MS emphasize the importance of merging technology with empathy to formalize India's caregiving economy. They highlight the rise of nuclear families and the consequent need for innovative caregiving solutions, positioning LegUp as a key player in bridging this gap.
Industry Outlook
The childcare services sector in India is projected to generate over $25.8 billion in revenue by 2030, growing at a CAGR of 5%. Similarly, the Indian elderly care market, currently valued at $7 billion, is expected to reach $50 billion by 2030. Increased investment in India's care economy could create 11 million jobs, according to the International Labour Organization.
Our Opinion on the News
LegUp's successful pre-seed funding round underscores the increasing recognition of the caregiving sector's potential in India. The strategic focus on technological enhancement and service expansion positions the company to effectively address the evolving needs of modern families. As the demand for professional caregiving services rises, LegUp's comprehensive approach and rapid growth trajectory suggest a promising future in this burgeoning industry.