Decoding Snabbit’s Series B round, valuation and captable

Quick service platform Snabbit recently announced its $19 million Series B round led by Lightspeed with the participation of existing investors Nexus Venture Partners and Elevation Capital.

The board of Snabbit is set to approve the allotment of 65,165 Series B compulsory convertible preference shares at an issue price of Rs 24,914.93 each, to raise Rs 162.35 crore (approximately $19 million), its regulatory filing accessed from Registrar of Companies (RoC) shows.

As per filings, Lightspeed is expected to invest Rs 94 crore ($11 million), while existing investors Nexus Venture Partners and Elevation Capital will contribute Rs 34.18 crore ($4 million) each.

According to Entrackr’s estimates, Snabbit will be valued at Rs 684 crore (around $80 million), a 3.5X increase from its $23 million valuation in the previous Series A round.

Founded in 2024 by Aayush Agarwal, Snabbit connects households with trained professionals for on-demand home services like cleaning, dishwashing, and laundry. Experts can be booked by the hour and arrive within 10 minutes. The platform currently hosts over 600 professionals, doubling monthly, according to Agarwal.

Following the allotment of the new round, Nexus Venture Partners and Elevation Capital will hold 23.69% and 19.92% stake, respectively, while new investor Lightspeed will own 13.75%. Founder Aayush Agarwal will retain a 36.08% stake in the company.

The Mumbai-based company has raised over $25 million across 3 rounds including $5.5 million in Series A round led by Elevation and Nexus earlier this year, as per startup data intelligence platform TheKredible.

Snabbit directly competes with the industry leader Urban Company which recently filed its Draft Red Herring Prospectus (DRHP) with SEBI for a Rs 1,900 crore initial public offer (IPO) and also entered into quick commerce with the launch of 15-minute maid booking service, “Insta Help”. Snabbit also competes with another 10-minute house help service startup, Pronto which raised $2 million from Bain Capital at a valuation of $12.5 million.