Hyderabad based FIXU receives $40, 000 investment from Facebook
Recently the famous social media sit Facebook had announced the “FbStart program” where it would invest in the winner startup and would also provide mentoring to the winner.
It is no surprise that a city based startup, FIXU has been selected as one of those startups where Facebook will invest $40, 000 and also provide mentoring for growth and expansion of the startup. It has been reported that this investment will be in the form of credits that will be translated into various opportunities, which include interactions with Facebook and global exposure.
FIXU is a startup based out of Hyderabad, with Vamsi Krishna and Nikhil as the pioneers. This startup has a hands – on technology that provides home service vendors including carpenters and plumbers. Vamshi Krishna is a mass communication student whereas Nikhil is a JNTU graduate. Both of them met each other at a startup event and eventually their thought processes matched and they came up with this amazing startup. As on date, FIXU is half year old and has about 25 orders per day, with an average revenue of Rs. 500 per order. Besides the two founders, the startup has 2 other employees as it has outsourced software development and marketing to third-party services.
“We have roped in 170 vendors so far and currently serve Hyderabad city. We can track the entire process using automated tools,” Vamshi Krishna told BusinessLine, a leading business newspaper in the country.
Launched last year, “FbStart” helps developers grow their startups by leveraging valuable tools and services, worldwide events and opportunities to engage with the Facebook team.
Being selected for this programme, FIXU will receive mentoring from Menlo Park-headquartered tech giant’s engineering teams, reported Facebook.
“‘FbStart’ programme will be an immense boost to us at this phase of our evolution. Receiving mentorship from the pioneer of social networking will bring a huge opportunity for us to lead the Home Service revolution in India within the next couple of years,” said Vamshi Krishna, co-founder, FIXU.
The start-up will also get a chance to get access to the exclusive community of Facebook’s developers and worldwide events. Through FbStart, the startups will be eligible for free access to more than 25 services including open source tools like React Native, FB Login and Account Kit and App Analytics.
Keeping in mind the investment received and mentorship opportunities, FIXU is aiming at expansion of their startup to Bengaluru and Mumbai by the end of 2017.
“We have raised no funds so far. We are looking at raising $2, 50,000 in the angel round in the middle of 2017 to fund our expansion,” adds Vamshi Krishna
It has been reported that through this program, FIXU will receive free access to Dropbox services worth $5,000 and tool kits and other services worth about the same amount for a period of 6-12 months. Besides, the team will have interactions with experts at Facebook headquarters in the US.
There is already a crowd of start-ups out there offering similar services. “We are very fast and economical,” says Vamshi when asked how their service was different from others.
Congratulations FIXU team – we hope the New Year brings in more laurels and success to your team and startup. Make the most out of this huge investment and mentorship program by Facebook.