[Update] Exclusive: Quick Home Service Platform Snabbit In Talks To Raise $20 Mn

Update | May 29, 1:30 PM

A couple of days after Inc42 exclusively reported about Snabbit in talks to raise its Series B funding round, the startup earlier in the day announced to have closed $19 Mn in the funding round led by Lightspeed. 

The startup plans to use the fresh capital to scale across India’s top metro cities and launch in over 200 micro-markets in the next nine months.

Original | May 26, 8:50 PM

Mumbai-based Snabbit, which provides home services in 10 minutes, is in talks to raise about $20 Mn (about INR 170 Cr) in its Series B funding round, which will be led by Lightspeed Ventures, sources told Inc42. 

The discussions are in advanced stages and the round is expected to be finalised soon, they added.

“Snabbit has received the term sheet from Lightspeed Ventures. If things go well, they will be leading the round, while existing investors will also participate,” said one of the sources. 

Existing investors Elevation Capital and Nexus Venture Partners will participate in the round, along with a number of angel investors.

While Snabbit declined to comment, Lightspeed Ventures didn’t respond to Inc42’s queries on the funding round till the time of publishing this story.

Founded in 2024 by Agarwal, who was Zepto’s former chief of staff, Snabbit is an on-demand home services platform. It provides professionals for services such as cleaning, laundry, kitchen needs, and more. 

Currently, customers can either pre-book a service in advance or get it in 15 minutes. The startup’s services are currently available in Mumbai. Snabbit will use the funds raised in the Series B round to expand its service area in Mumbai.

The development comes months after the startup raised $5.5 Mn in its Series A funding round in January this year. Back then, Agarwal told Inc42 that the startup would utilise the Series A funding for opening new micro markets in Mumbai over the next six to nine months and expanding its customer base.

The Quick Commerce Boom 

While quick commerce started with groceries, it has grown by leaps and bounds over the last few years and startups are now trying to disrupt multiple categories. A number of startups like Plazaa, Blitz, Slikk, WAAYU, Zing and Swish are operating in sectors like fashion, healthcare, shoes, food, and more to provide 10-minute services.

Meanwhile, the competition is also intensifying in the 10-minute home service space. One of the biggest competitors for Snabbit is IPO-bound Urban Company. The Delhi-NCR based startup recently launched ‘Insta Help’ to provide househelp in 10 minutes. Urban Company plans to raise INR 429 Cr via a fresh issue through its IPO to further strengthen its position.

Earlier this month, Delhi NCR-based Pronto also raised $2 Mn in its seed funding round from Bain Capital Ventures, a month after launching its services.

Founded by Anjali Sardana, Pronto claims to offer on-demand house help services in 10 minutes at any time of the day in parts of Gurugram. It allows users to book professionally-trained workers through its app with three different timing options – instant (10 minutes), scheduled ahead, or recurring. 

In March, another Delhi NCR-based startup, Broomees, launched a new vertical – BroomIT to offer house help within 15 minutes in South Delhi.