Funding News

UrbanClap Raises Second Funding Round in a Week

Fresh from its recent funding round that took place few days back, Home services marketplace UrbanClap has now raised $75 Mn in series E round. The round was led by venture investment giant Tiger Global while existing investors Steadview Capital and Vy Capital also contributed to the round.

UrbanClap

UrbanClap raises $75 Mn in series E round from Tiger Global & other investors

According to reports, the funding was bifurcated in two parts – a primary round that led to allotment of shares to the above mentioned investors and secondary sale that resulted in sale of shares by the some existing investors. The identity of these existing investors is still not known.

It is also not known as to how UrbanClap plans to utilize the latest capital infusion.

Following the latest funding round, the Gurgaon based startup has so far raised $ 186 Mn from several high-profile investors. Some of its high profile investors include the likes of Ratan Tata, Snapdeal’s Kunal Bahl, SAIF Partners and Accel Partners.

Founded in 2014, UrbanClap over the years has emerged as the market leader in the online home service and home improvement marketplace. It helps consumers to hire experts and professional for wide range of home solutions including carpentry, painting, plumbing, cleaning, appliance and even massaging.

UrbanClap’s latest financial numbers, however, depicts a mixed picture as far as its future earning predications are concerned. Based on the numbers circulating in the media, the company’s operating revenue stood at INR 116 Cr at FY2019, which is 150% increase from last year. However, the operating revenue witnessed comparatively higher jump in 2018 with 225% increase. The operating loss, on other hand, increased by 26% to clock revenue of INR 72 Cr.

Although today UrbanClap is miles ahead in the competition game, it does face competition from some credible competitors like Housejoy, EventXtra, Armut (Home Run) and UrbanPro.

 

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