Honc: 100X.VC Investment Thesis
Summary
A problem that looks inessential in the beginning, is a massive pain point for modern day car users and thus, comes with a $12 billion market opportunity.honc, co-founded by Viraji, Niranjan and Rahul, is a doorstep car wash platform which provides verified and standardised services with the help of trained staff. At honc, Viraji works on building the product, whereas Niranjan takes care of technology and operations. The team, with their defined roles, have much to bring to the table with their extensive experience from their work in marketing, management and entrepreneurial journeys.At present, honc conducts third party background checks and has an intensive training for 2 weeks for the personnel recruited. Flooring their service with the above mentioned points, honc, today, has presence in over 60 gated communities with 3000 daily customers with a retention rate of 88%.We think that the teams key strength is execution. With growing needs within the Auto segment post covid, honc offers the complete value chain between customers and service partners.100X believes that the founders will build out a scalable business.The space seems interesting with a definite gap to be filled.