Monday, 30th October 2017

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UrbanClap gets $50m funding

UrbanClap has raised $50 million in a Series D round of funding led by Steadview Capital and existing investor Vy Capital

  • Published 1.12.18, 2:17 AM
  • Updated 1.12.18, 2:17 AM
  • a min read
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UrbanClap’s other investors include Accel Partners, SAIF Partners, Bessemer Venture Partners and Ratan Tata Source: TVC

UrbanClap, the online marketplace for home services, has raised $50 million in a Series D round of funding led by Steadview Capital and existing investor Vy Capital. The funding will see its valuation double to almost $480 million.

With headquarters in Gurgaon, the start-up provides services such as repair & maintenance, home cleaning, homecare & design, pest control, packers & movers, business services, and health & wellness.

UrbanClap, set up in 2014 by Abhiraj Bhal, Raghav Chandra, and Varun Khaitan, will use this round of funding to expand its customer base and bring in more service partners, apart from investing in product and technology. It is also looking to build training capabilities and enter a host of smaller cities in the country.

“We have a mission to create more than one million micro-entrepreneurs for India and other emerging markets. Today, around 15,000 service professionals earn their livelihood through the UrbanClap platform.

“We would like to grow that number 100 times over the next five years. This will require strong execution, and ahead-of-the-curve investments in our technology platform and operational leadership,” co-founder Chandra said on the funds support.

UrbanClap’s other investors include Accel Partners, SAIF Partners, Bessemer Venture Partners and Ratan Tata.

“Their (UrbanClap’s) tech-centric approach of building quality supply in a trust-deficit market is solving a big consumer need, and enabling service professionals to be micro-entrepreneurs. The company’s focus on customer experience stands out,” Ravi Mehta, who is the founder and managing partner of Steadview Capital, said.