The internet service company, known as Angie’s List, seems to be gaining more penetration into the home service industry, redeveloping its website, creating a new website and launching a new application.
Under its new name, Angie wants to simplify the home renovation process by offering customers a platform to make contractors, bookings and payments. CEO Oisin Hanrah told CNBC on Wednesday that the opportunity address is a બજાર 500 billion market.
“This is a huge market … you need to do all this inside your home,” he said in a “Mad Money” interview. “This is a huge market. It’s unbelievably broken.”
The holding company has changed its name from ANGI Home Services to Angie Inc. The portfolio of these services includes HomeAdvisor, Handy, Fixed Repair and Homestars.
Planning an improvement project can be stressful for the average homeowner, from finding a professional for a job to financing a costly job. The engine was created to help customers streamline jobs by managing everything together everywhere, Hanrah said.
“There’s a lot of friction in the buying process,” Hanrah said, emphasizing the importance of the customer experience.
Angie said there are 250,000 businesses for rent on its platform, which was used by more than 18 million U.S. homes last year.
And with homebound consumers looking to rebuild their living conditions amid the epidemic, Angie saw double-digit growth in 2020. The company has reported revenue of around Rs 1.47 billion for the year 2019, which is 10.7% higher than 2019.
“If we make that experience unbelievably easy by supporting our good supporters, giving them excellent work, our customers will continue to come back,” he said. “We’ll see if we’re really going to change the category of one that has become incredibly fragmented to one that is more unified.”
Shares of Angie fell 1.74% to close at .3 16.33 a share on Wednesday.
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