Home services startup UrbanClap has raised $21 million in a series C funding round led by internet investment fund Vy Capital. According to a report in Mint, early investors SAIF Partners, Accel Partners and series B investor Bessemer Venture Partners also participated in the round, the company said.
Existing investors also bought shares held by some employees and a part of stakes of angel investors Kunal Bahl and Rohit Bansal, the founders of Snapdeal, for approximately $1 million, UrbanClap co-founder Abhiraj Bhal told Mint.
Led by Alexander Tamas, Dubai-based Vy Capital is a major investor in Zomato.
The funds will be used to expand to more cities, invest in technology and add new vendors.
Founded in 2014, UrbanClap is a home services startup with a presence in eight cities, which provides professionals for in-house cleaning, plumbing, other repairs, beauty services, fitness and more.
Mint reports that the company is launching an effort to train professionals by opening training centres in the cities where it currently operates.
‚ÄúThe new round of capital gives us the elbow room to invest in core areas of our business such as supply on-boarding at scale, training, building spares and parts inventory, etc. This will help us firmly cement our market leadership position.‚ÄĚ Bhal said in a statement.
UrbanClap last raised Rs 20 crore in debt from Trifecta Capital in May.
With the current capital infusion, UrbanClap has raised around $60million.
The startup has over 65,000 service professionals registered on the platform servicing 300,000 bookings each month.
The National Capital Region, Mumbai and Bengaluru are its top markets. The company claims that it is the market leader in the home service providers market in satellite towns and metropolitan areas in India.
Apart from Bengaluru-based HouseJoy and Mumbai-based Timesaverz, Quikr is probably its closest competitor in the market now with its closest rival, Zimmber being acquired by Quikr in May.