Ratan Tata backed, a home services marketplace, UrbanClap has raised $21 Mn in a fresh round of funding led Vy Capital. The series C round of funding also saw participation from existing investors includes, SAIF Partners, Accel Partners, and Bessemer Venture Partners.
UrbanClap’s latest funding comes almost a year and a half after the startup grabbed $25 million in Series B round of funding led by Bessemer. This was followed by an investment from Ratan Tata in December 2015 and $3.1 million in debt investment from Trifecta Capital in May this year. Till date, the company has raised about $60.7 Mn funding in total six rounds.
The recently raised capital will be used to expand to more cities, invest in technology and add new vendors. The company also plans to open training centers to train the professional who is registered with the platform.
Commenting on the latest funding round, Abhiraj Bhal founder of UrbanClap said, “The new round of capital gives us the elbow room to invest in core areas of our business such as supply onboarding at scale, training, building spares and parts inventory, etc. This will help us firmly cement our market leadership position.”
He further continued, “We have to stay at the core of what we do and do not lose the market. I don’t see a reason why we will not be able to IPO at a healthy market cap.”
UrbanClap was incepted in 2014 by Varun Khaitan, Raghav Chandra, and Abhiraj Bhal that allows users to hire professionals for in-house beauty services, house cleaning and repair, yoga and fitness, and similar services in eight cities – Ahmedabad, Bengaluru, Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai, and Pune.
The company claims to have about 65,000 verified service professionals on its platform and served over 1.5 Mn customers till date.
Other players in this space include Housejoy, Localoye, and Timesaverz etc.. Most recently, its rival Zimmber was acquired by the Quikr in all stock deal valued at $10mn.