Delhi-based home services startup UrbanClap has raised ₹525 crores in its Series E funding round from Tiger Global Management, Vy Capital and Steadview Capital. The funding comes within a month after raised funds from ex-Flipkart executive Mekin Maheshwari and Avaana Capital’s founder Anjali Bansal.
The latest transaction was carried out in two parts – a primary round with share subscription and a secondary share sale by some early institutional investors. With this transaction, the total funds raised by UrbanClap till date stands at ₹1,295 crores.
Founded by Abhiraj Singh Bhal, Raghav Chandra and Varun Khaitan in 2014, the startup operates various home-based services like home cleaning, repairing and maintenance in 10 cities across India including Bengaluru, Delhi-NCR, Ahmedabad as well as in foreign cities like Dubai and Abu Dhabi.
On its mobile app, consumers order services like beauty at home, appliance repairs, plumbers, carpenters, cleaners, home painting, etc. The company works closely with individual service professionals (ISPs) and transforms them into micro-entrepreneurs.
They do this by helping the ISPs with market access, credit, insurance, training, product procurement, payments and a host of other services, and driving either most or all of their business while standardizing the end-user experience, pricing and deliverables, and delivering the service under the UrbanClap brand name.