Home services platform UrbanClap to raise $15 mn from its three founders

Home services platform UrbanClap to raise $15 mn from its three founders
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28 May, 2019

Delhi-based home services marketplace UrbanClap Technologies India Pvt. Ltd will raise $15.3 million (Rs 107 crore) in top-up funding from its three co-founders: Abhiraj Bhal, Varun Khaitan and Raghav Chandra.

According to the company’s filings with the ministry of corporate affairs, the founders will contribute Rs 35.6 crore each as part of the infusion. So far the founders have only invested a very small sum of Rs 2,882 each as part of the infusion.

E-mail queries to founders did not get a response till the time of filing this report.

Online publication Entrackr quoted Bhal as saying that the infusion was a top-up to the $50 million Series D funding raised in November last year, which was led by Hong Kong-based hedge fund Steadview Capital and previous investor Vy Capital.

UrbanClap’s valuation then had been pegged at $445-450 million, by TechCircle, up from the $165 million estimated valuation at which the company had raised its Series C round in 2017.

UrbanClap, founded in 2014, is an online marketplace for a host of local services that include beauty services, appliance and basic home repairs, packers and movers, event management, health and wellness, and salon. It recently made forays into newer service verticals that include cleaning, pest control and painting.

Currently, UrbanClap operates in Ahmedabad, Bengaluru, Chandigarh, Chennai, Delhi-NCR (National Capital Region), Hyderabad, Jaipur, Kolkata, Mumbai and Pune. Last year, it made its first overseas foray in Dubai.

Bhal said that the company hopes to increase the number of professionals on its network from 20,000 to more than one million over the next five years.

UrbanClap is also one of the well-funded players in this space, having raised funding from the likes of Ratan Tata, Steadview Capital, Vy Capital, Bessemer Venture Partners, Accel and SAIF Partners.

UrbanClap competes with Housejoy, another well-funded player in the home-services marketplace segment, and online classifieds company Quikr.