UrbanClap has raised $25 million led by Bessemer Venture Partners, with participation from existing investor- Accel Partners and SAIF Partners. With this round of investment, the company is valued at $100 million.
The one year old company has raised a total of about $37 million so far. After raising $1.6 million in seed funding in April, UrbanClap secured $10 million in series A funding from SAIF Partners and Accel Partners.
Founded by Abhiraj Bhal, Varun Khaitan and Raghav Chandra in 2014, UrbanClap is an on-demand urban lifestyle services provider which helps users hire professionals to get their everyday tasks done. The platform offers professional as well as home services like Yoga instructor, Photographer, Make up professional, Birthday planner, Interior designer, Guitar teacher, Counselors, Tax consultant and more.
Currently, the company is serving in Delhi NCR, Bengaluru, Mumbai, Chennai and Pune and plans to extend its offerings to 25 cities and 100 categories over the next one year.
Adding a comment on the development, Abhiraj maintained, “UrbanClap is redefining how services are hired and consumed in India. Today, we serve 5000 customer requests per day, and have built a base of 20,000+ service professionals – who together represent the gold standard for trusted services in India. UrbanClap sends them business worth $200M annually (current run rate), from small carpentry jobs worth Rs 200, to a large interior designing assignments worth several lakhs. This is a winner-takes- all market – there is no place for second best.”
The raised capital shall be used to further strengthen the company’s foothold in the space and expand across all major cities in India. “By the same time next year, we are aiming to have over 200,000 professionals on the platform and serve over 100,000 customers every day”, said Abhiraj.
Other players competing in the same space are – Doormint, LocalOye, Zimmber, Housejoy, Taskbob etc.
Commenting on the scope of this market and the future plans of the company, the team said, “this is a market with immense potential for growth. We’re tapping the local services arena in a large economy– the industry is worth $50 billion and fast growing.”