UrbanClap has raised $50 million in primary capital funding led by Steadview Capital ($30 million) and Vy Capital ($20 million), reports the Economic Times. There will be an additional fundraise of $4 million in a secondary sale of shares and ESOPs for angel investors and employees, the report added.
UrbanClap will invest in its core – beauty, cleaning and repair services through a supply chain and adding professionals. It will also onboard users and service providers, add to its product and technology teams, and expand to Tier II cities.
While the ET has cited the story from sources familiar with the matter, UrbanClap has been retweeting reports of it raising funding. The report also adds that UrbanClap is now valued at $480 million, up from $200 million in 2017.
Note that in April this year, the company expanded to Dubai with 100 service providers across laundry, home cleaning, handymen, packers and movers, and home painting. At the time, it told the Business Line that it had no plans to enter Tier II cities then. “We have debated often about expanding into tier-2 cities but feel the markets are not ready,” Abhiraj Bhal, co-founder, told the publication.
In July last year, UrbanClap had raised $21 million in a Series C round of funding led by Vy Capital, with participation from existing investors SAIF Partners, Accel Partners and Bessemer Venture Partners, to expand to more cities, invest in technology and bring new vendors on the platform. Its previous fundings include:
- April 2015: raised seed funding worth Rs 10 crore from SAIF Partners, Accel Partners, and Kunal Bahl and Rohit Bansal of Snapdeal
- June 2015: raised $10 million from existing investors Accel Partners and SAIF Partners
- November 2015: raised Rs 165 crore ($25 million) in funding led by Bessemer Venture Partners, with participation from existing investors Accel Partners and SAIF Partners
- December 2015: raised an undisclosed amount of funding from Ratan Tata in his personal capacity.