Urbanclap gets $50 mn in new funding
NEWDELHI:HOME services startup Urbanclap Technologies India Pvt. Ltd has raised $50 million in a Series D funding round led by Steadview Capital Management and existing investor Vy Capital that will help the company establish its lead in home services.
Urbanclap has raised roughly $60.7 million till date. It counts Bessemer Venture Partners, SAIF Partners, Accel and Ratan Tata among its existing investors.
The new funding round comes after the Gurgaon-based company raised $21 million led by Vy Capital in June last year.
The four-year-old startup will utilize the capital to boost customer and service partner on-boarding, further building the product and technology team, and enhancing the supply chain of consumables, the company said in a statement.
Founded in 2014, Urbanclap helps users hire professionals for home services such as repair and maintenance, home cleaning, homecare and design, packers and movers, beauty, yoga and fitness among others across 8 cities.
Currently, the biggest segment on Urbanclap is beauty services, followed by appliance repairs, and house cleaning services.
It has also entered into new categories such as pest control and home tutoring.
Urbanclap also plans to launch in tier-two cities in India, beginning with Chandigarh and Jaipur. The company entered the United Arab Emirates (UAE) in April with five services.
“We have witnessed a phenomenal growth in UAE. On-demand cleaning services are popular because people there don’t have full-time helps. We have seen 100% growth in the last six months,” said Abhiraj Bhal, co-founder and chief executive officer over telephone.
Urbanclap will also offer liquidation of employees’ stock options (Esops) worth $4 million for its employees and early angels, it said.
The online home services segment includes companies such as Amazon-backed Housejoy in Bengaluru, Zimmber, which was acquired by classifieds firm Quikr, and Mumbai-based Timesaverz. Urbanclap is one of the few startups that attracted investor attention in the hyperlocal services segment and it has been able to build a bigger war-chest than its peers. The sector has attracted investors such as Amazon, Bessemer Venture Partners, Vertex Ventures and Qualcomm Ventures.
While Housejoy has raised $27 million till date, Unilazer Ventures-backed Timesaverz managed $3.2 million in its kitty. Urbanclap’s fresh funding will heave pressure on competitors.