Marketplace based home service major UrbanClap has raised $50 million Series D round led by Steadview Capital and existing investor Vy Capital. The company is also facilitating a secondary sale of ESOPs and stocks worth approximately $4 million for its employees and early angels.
While the company hasn’t disclosed its valuation, according to our sources its valuation was close to $500 million post money. This is a significant 2.5X jump in valuation from its Series C round when it was valued $200 million.
Interestingly, Entrackr had reached out to Abhiraj Singh Bhal earlier today to confirm the fundraising. He denied being in any such talks in the morning, only to announce after a couple of hours via a press statement.
The company will deploy funds to accelerate customer and service partner onboarding, invest in team building and employee training among others. It also plans to go live in several tier II cities starting with Chandigarh.
Currently, the company claims that about 15,000 service professionals earn their livelihood through the platform and it would like to grow that number 100 times over the next 5 years.
It has operations in 8 cities in the country and recently made its first move in international expansion and started operations in Dubai.
The Gurugram-headquartered company’s revenue in took a 3.2X jump in FY18, going up from Rs 16.54 crore to Rs 53.48 crore. The company also reduced losses by about 16 per cent to Rs 56.49 crore in FY18 from Rs 67.18 crore figure in the preceding fiscal.
The company counts Accel, Ratan Tata, SAIF Partners, Bessemer Venture Partners as investors. UrbanClap competes with Amazon-backed HouseJoy along with several small scaled startups including Timesaverz and Mr Right.