LegUp Raises Rs 2 Cr Pre-Seed Funding from Bluebridge Capital

Bengaluru-based caregiving-tech start-up LegUp has raised a pre-seed funding of INR 2 Crores (~$250K) from Bluebridge Capital Private Limited.

LegUp plans to utilize the capital raised through this pre-seed round to bolster its technology and operational capabilities and foster growth and expansion.

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Speaking about the fundraise, Ananthu V, Co-Founder, LegUp said, “We are elated to announce LegUp’s maiden pre-seed funding powered by BlueBridge Capital – a pivotal milestone in our journey of positively transforming the fragmented and unstructured caregiving services landscape. Through our trusted, game-changing platform designed to connect families with skilled, compassionate caregivers, we at LegUp are committed to nurturing a credible and steadfast caregiving ecosystem across India, while empowering countless families with trusted and reliable caregivers for their personalized and compassionate care needs. We are also simultaneously helping the nation’s caregivers to obtain better job opportunities, higher and more predictable monthly earnings, standardization of job roles, enhanced job security, and much more, thus addressing and bridging the gaps between both ends of the spectrum. We will be, going ahead, embracing a fully tech-driven approach that shall assist us scale significantly, and move faster and closer to our vision of redefining the nation’s caregiving space.”

Additionally, a significant portion of these funds would go towards the development and launch of two of its upcoming mobile apps – a customer-facing app that will facilitate end-users to directly book caregiving services through the LegUp platform, and a dedicated app for caregivers to find jobs/gigs and address their professional concerns.

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Notably, through its flagship platform, LegUp offers a range of superlative caregiving/companion services catering to baby care and elder care segments – including Japa Nanny, Babysitting, Elderly Homecare Attendants, among other services. The platform has already onboarded over 10,000 skilled caregivers, each rigorously verified and trained to provide exceptional care. LegUp is currently experiencing a revenue growth of 40% month-over-month, demonstrating growing demand for its high-quality caregiving services.

Jerin Mathew and Mahesh Narayanan MS, Co-Founders of LegUp added, “At LegUp, our journey is rooted in empathy, driven by purpose, and powered by trust. Our pre-seed funding comes just at the right time when we have successfully established our platform-market fit, post helping 500+ families navigate their diverse caregiving challenges, and showcased our platform’s transformative potential, especially in terms of formalization of India’s caregiving economy. The surge of nuclear families in India in the recent past has necessitated a new and revolutionary approach to reshape caregiving, and that’s exactly what we at LegUp are enabling, combining our tech-driven approach with human empathy, expertise and trust. As we continue to expand our services, geographical footprint and the trusted LegUp caregivers’ network, and launch new verticals such as geriatric care and concierge services, we are poised to cater to the evolving needs of both urban and semi-urban families, addressing the unique challenges of various demographics, while ensuring optimal comfort, dignity and peace of mind for every individual we serve along the way”.

The child care services sector in India is has been projected to reach over US$ 25,892 million in revenue by 2030, while growing at a CAGR of 5%. On the other hand, the Indian elderly care market – currently valued at US$ 7 billion – is expected to reach a whopping US$ 50 billion by 2030.

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As per estimates by The International Labour Organization (ILO), increased investments in India’s blooming care economy have the potential to create 11 million jobs. Harnessing the growth prospects and tailwinds of these burgeoning segments, LegUp, which has consolidated its presence across Bengaluru, and is currently at a monthly recurring revenue (MRR) of INR 22 lakhs, projects its annual revenue to grow up to INR 15 Cr in the upcoming fiscal.