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UrbanClap raises $75-mn from Tiger Global-led funds | UrbanClap raises $75-mn from Tiger Global-led funds | English.Lokmat.Com

UrbanClap raises $75-mn from Tiger Global-led funds

Leading home services firm UrbanClap on Friday announced it has raised $75-million (Rs 522 crore) from three venture firms led by Tiger Global in the fifth round (Series E) funding.
UrbanClap raises $75-mn from Tiger Global-led funds

"The US-based Tiger Global led the fifth funding round to raise $75 million in Series E transaction our early investors SteadView Captial and Vy Capital," said the Gurugram-based 5-year-old start-up in a statement.

The fund was raised through share subscription by the three venture firms and a secondary share sale by early institutional investors.

The start-up, co-founded by Abiraj Bhal and Raghav Chandra in 2014, however, did not mention in its statement the purpose of raising the fresh capital, about how it plans to spend it and over how many months.

Valuation, premium on shares allotted, their face value and the equity holding pattern among the co-founders, employees and individual/institutional were not disclosed in the statement.

Besides, the company's annual growth rate, revenue generated and profit made, or if break-even achieved details are conspicuous by their absence in the company statement.

The new generation firm raised $50 million in the fourth round (Series D) in November 2018 from Steadview and Vy Capital and $21 million in June 2017 from Vy Capital.

Tata Group patriarch Ratan Tata, Bessemer Venture Partners, SAIF Partners and Accel are among its early investors in the first two rounds of funding.

"As a leading home services digital platform on our mobile app or website, our vision is to empower thousands of independent service professionals worldwide to deliver a range of services under one roof," the statement said.

The company also operates in the United Arab Emirates in the Gulf region also catering to the large Indian diaspora.

The services include beauty and spa at home, house cleaning, plumbing, carpentry, appliance repairs and painting, among the many listed on its app and website.

The company has also forayed into pest control and home tutoring.

With operations in 11 cities across the country, including Ahmedabad, Bengaluru, Chandigarh, Chennai, Delhi, Hyderabad, Jaipur, Kolkata, Mumbai, NCR and Pune, it also serves Dubai and Abu Dhabi.

( With inputs from IANS )

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