Flipkart’s Kalyan Krishnamurthy invests in home services firm UrbanClap
Home services marketplace UrbanClap Technologies Pvt. Ltd has raised Rs 1.6 crore ($230,120 at current exchange rates) from Flipkart Group chief executive Kalyan Krishnamurthy, filings with the Registrar of Companies show.
UrbanClap last raised capital in November 2018. It secured $50 million (Rs 361 crore) in a Series D round of funding led by Hong Kong-based hedge fund Steadview Capital, Mauritius-based ABG Capital and existing investor Vy Capital at an estimated valuation of $445-450 million.
This is not Krishnamurthy’s first investment in a startup. Last month, he invested an undisclosed sum in business-to-business marketplace Moglix in his individual capacity and wellness platform Curefit.
Delhi-headquartered UrbanClap competes with online local business search engine JustDial, home services firm HouseJoy and online classifieds firm Quikr.
HouseJoy raised Rs 22.83 crore from Matrix Partners in December 2018
Started in 2014 by Abhiraj Bhal, Varun Khaitan and Raghav Chandra, UrbanClap offers close to 100 local services including repair and maintenance, health and wellness, salons, event management, packers and movers and others. It is present in 12 cities across India and launched its services in Dubai in 2018.
For the financial year 2017-18, the company’s operating revenue rose, while it pared its losses. The company’s operating revenues stood at Rs 46.7 crore, up 31% from Rs 11 crore in the previous year. The company did 4.5 lakh orders in April 2018 at an average order valued Rs 1,200-1,500 and gross transaction value of Rs 50 crore.