The Home services based start-up, UrbanClap has come up with the $21 Million funds on Sunday in the series C funding round that was lead by the Internet Investment fund Vy Capital. In this round along with the UrbanClap that sources found that there were many other participants like Accel Partners, Series B investor, Saif Partners and Bessemer venture Partners. The Vy Capital that was led by the Dubai based Alexander Tamas [leading investor in Zomato]. This investment was first reported on Friday by VC circle.
It has also been heard from Abhiraj Bhal, the co-founder of UrbanClap, that existing investors also spent $1 Million more, to get a hold on shares that were held by some employees and along with that, the part of stakes were of Angel investors Kunal Bahl and Rohit Bansal [Founder of snapdeal].
What UrbanClap is doing or planning with the raised funds:
UrbanClap that is launched in 2014, helps and allows users to hire professionals for the in-house services like beauty services, house cleaning and repair services, Yoga and fitness along with several other services over the eight cities. UrbanClap has 65,000 service professionals that are registered on the platform servicing 300,000 bookings every month counting in the prominent cities like Mumbai and Bangaluru.
UrbanClap founder Abhiraj Bhal said that these funds raised during the Vy Capital is planned to be used to expand to more cities and invest in latest technology alongside adding the new vendors.
This Company, UrbanClap is moving ahead and launching an effort to train the professionals by opening the training centres in various cities where it is currently operating. Also it has been seen that this raised amount of funds is going to give them a room to invest in ore areas of their business like training, building spared and parts inventory etc.
Also, UrbanClap has raised 20 Crore in debt form Trifecta Capital earlier in May. Now, with $60 Million of Capital raised in this round, UrbanClap has become one of the leaders in selling the home services in the satellite towns and metropolitan areas.
The latest round of Vy Capital gives UrbanClap the sufficient fund amount to extend the lead in the area. Along with the UrbanClap the other operating segments in the same area of interest are Matrix Partners in Bangalutu and Timesaverz in Mumbai.
Source: LiveMint
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