UrbanClap raises Rs 1.5 cr from former Flipkart CPO Maheshwari, Anjali Bansal

UrbanClap raises Rs 1.5 cr from former Flipkart CPO Maheshwari, Anjali Bansal
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26 Jul, 2019

New Delhi-based UrbanClap Technologies, which runs the online marketplace for home services UrbanClap, raised about Rs 1.5 crore from former Flipkart chief people officer Mekin Maheshwari and SAB Holdings, an investing company of high net worth investor Anjali Bansal, according to filings with the ministry of corporate affairs.

While Maheshwari invested Rs 50 lakh in the company, SAB Holdings invested Rs 99 lakh for 73 and 145 equity shares, respectively, at a premium of Rs 68,736, the filings show.

TechCircle had reported in May 2019 that the company would raise $15.3 million (Rs 107 crore then) in top-up funding from three co-founders Abhiraj Bhal, Varun Khaitan and Raghav Chandra. 

The valuation of the company was pegged at $445 million-$450 million, according to TechCircle estimates.

In April 2019, UrbanClap raised Rs 1.6 crore ($230,120 then) from Flipkart chief executive Kalyan Krishnamurthy. 

In November 2018, the company had raised capital in a Series D funding round, led by Hong Kong-based hedge fund Steadview Capital and existing investor Vy Capital.  

Founded in 2014, UrbanClap is an online marketplace for local services, including beauty services, appliance and basic home repairs, packers and movers, event management, health and wellness, and salon. It also has service verticals that include house-cleaning, pest control and painting.

UrbanClap currently operates in Ahmedabad, Bengaluru, Chandigarh, Chennai, Delhi-NCR, Hyderabad, Jaipur, Kolkata, Mumbai and Pune. Last year, it made its initial overseas foray in Dubai and started operations in Abu Dhabi this year. 

UrbanClap recently reported 2.5 times growth in operating revenue even as operating losses widened for the year ended March 2019.

UrbanClap competes with home services marketplace Housejoy, online classifieds company Quikr and local business search engine JustDial.