UrbanClap Technologies India Pvt. Ltd, a Gurgaon-based start-up that operates home services marketplace, has led a Series E funding which is worth around $75 million (Rs 520 crore). It is led by US-based investment firm Tiger Global Management (the early backer of Flipkart). The former investors Steadview Capital and Vy Capital also took part in this fund round.
According to the sources, this investment transaction is said to be divided into two parts. At first, there will be a primary round in which new investors will get a subscription of the company’s share followed by a secondary share sale which is done by some of the former shareholders.
UrbanClap is an m-commerce service company, founded by three batch mates of IIT-Kanpur, Varun Khaitan, Abhiraj Bhal and Raghav Chandra. Varun and Abhiraj were working in Boston Consulting Group, and Raghav started his career as an engineer on Twitter. This company is founded by this trio, and now it is claimed to be one of the largest mobile services marketplace in India today. The initial fund they raised is of Rs 10 crores. The funding was from SAIF Partners, and the founders were Snapdeal Kunal Bahl and Rohit Bansal.
Last month, UrbanClap said that they received funding of Rs 1.5 crore from ex-Flipkart Chief Technical Officer (CTO) Mekin Maheshwari and Avaana Capital’s founder Anjali Bansal.
The operating revenue of UrbanClap for the last few Financial Years increased in galloping rates compared to the previous years. According to the financial report of the company, the operating revenue of the FY 2017-2018 was 46 crore, and that of FY 2018-2019 is around 116 crore, which is almost 150% raised in comparison to the last year. The company faced a loss of 70 crores in this fiscal. In this situation, Ratan Tata backed UrbanClap to pare its loss. It is reported that the company got three times the number of service orders than the last year, with 3.3 million service orders in the Financial Year 2018-19.
UrbanClap is an online marketplace that helps connecting service providers with service seekers. It is marked as one of the fastest-growing start-ups nationwide. It ends the daily problems of people. Whether you want a beautician, a plumber, a technician, a yoga teacher, a lawyer, or even a teacher for students, UrbanClap is studded with professionals hailing in all. At present the company partners with over 20,000 service professionals from different domains. UrbanClap provides these professionals with tools, training, uniforms, financial help, insurance, bank accounts, and products/consumables.
Established in 2014, UrbanClap is presently operating their business in 10 major Indian cities including Ahmadabad, Bangalore, Chandigarh, Chennai, Jaipur, Kolkata, Mumbai, Pune along with two international markets Dubai and Abu Dhabi. This home service company claims that its operating model focuses on service professionals intending to turn them into micro-entrepreneurs, multiplying their earnings by 2-3 times.
In June, UrbanClap collaborated with National Skill Development Corporation or NSDC, a public-private company under the Ministry of Skill Development and Entrepreneurship. It’s a Public-Private Partnership (PPP) for mobilization, training, and certification of service professionals across the country. The MoU signed between the company and NSDC also recognize UrbanClap as a critical partner of the Skill India Mission launched by PM in 2015.