Home services marketplace UrbanClap has raised a $75 Mn Series E funding round led by Tiger Global. Existing investors Steadview Capital and Vy Capital also participated in this round.
This transaction is said to be split into two parts, a primary round which resulted in a share subscription by the investors and a secondary share sale by some early institutional investors.
Earlier this week, UrbanClap had announced raising INR 149 Lakh ($216K) in funding from ex-Flipkart CTO Mekin Maheshwari and Avaana Capital founder Anjali Bansal.
Till date, the company has raised around $186 Mn across multiple funding rounds led by major investment firms such as SAIF Partners, Accel Partners and Bessemer Venture Partners. Other prolific backers of the company include Snapdeal founders Kunal Bhal and Rohit Bansal, as well as Ratan Tata.
Founded in 2014, Gurugram-based UrbanClap offers services such as beauty and spa at home, appliance repair, plumbing, carpentry, cleaning, and painting. The home services company claims that its operating model focuses on service professionals with the aim of turning them into micro-entrepreneurs, multiplying their earnings by 2-3 times.
It is currently present in 10 Indian cities including Ahmedabad, Bengaluru, Chandigarh, Chennai, Delhi NCR, Hyderabad, Jaipur, Kolkata, Mumbai, Pune along with two international markets, Dubai and Abu Dhabi.
UrbanClap had witnessed an operating revenue of INR 116 Cr in FY2019, which is a 150% rise in comparison to last year. This was, however, a fall from 225% jump in revenue for 2018. However, the operating loss of the company has increased by 26% to touch INR 72 Cr in the fiscal. It has reported fulfilling three times the number of orders that it did last year, with 3.3 Mn service orders in FY19.
Last month, UrbanClap partnered with National Skill Development Corporation (NSDC) to collaborate for the mobilisation, training and certification of service professionals across India. The MoU signed between the two organisations also recognise UrbanClap as a key strategic partner of the Skill India mission.