Quick Smart Wash raises $5.15 million from Japan's Elan Corporation

Quick Smart Wash Pvt Ltd on Friday said it has raised USD 5.15 million (over Rs 40 crore) from Elan Corporation, Japan in a fresh round of funding.

The company, which offers professional linen management services, said the funds raised will help expand capacity from processing 1 lakh clothes every day to almost 1.65 lakh pieces every day within this financial year.

"We are the first-only firm to offer a complete end-to-end linen management service for hospitals in India. Elan is a pioneer and market leader in providing hospitalisation set and I believe this partnership will help us build more capacity with deep technology sharing," Quick Smart Wash Managing Director Rakesh Sharma said."

It will further augment our strength in the areas of research and development especially in catching future trends and delivering high and affordable quality service to the market," he said.

Elan Corporation Chairman and CEO Hideharu Sakurai said, "We have done a feasibility study for the CS-Set (care support-set) business in India and realised that the linen supply company is one of the important elements for the success."

Quick Smart Wash has a huge potential in the linen rental business to accommodate India's emerging market needs, Sakurai said, adding, "We foresee a big synergy to work together, therefore, we have decided to make an investment." The company said it also plans to launch a hassle-free inventory management system through digitisation. It has processing units at Jaipur, Manipal-Udupi, Delhi-NCR, Hyderabad, Bengaluru, and Jalandhar-Amritsar.

This fiscal Quick Smart Wash plans to set up units in Kochi, Kannur, Chennai, and Ahmedabad, reaching nine states across India, it added.