There is some excellent news coming from the home services startup, UrbanClap. The company officials announced on Friday that it had raised $75 million in a Series E round led by the US-based investment fund Tiger Global Management.
Tiger Global has had a keen interest in Indian startups for a long time. The fact that they had decided to help out UrbanClap or take an interest in the things that they do or are planning to do only strengthens the interest that Tiger Global has in India and the startups growing up and taking shape in India.
Tiger Global has invested over $300 million in just six months in India. Other than Tiger Global, UrbanClap’s existing investors, hedge fund Steadview Capital, and Vy Capital also participated in the round.
This transaction was split into two parts – a primary round which resulted in a share subscription by Tiger, Steadview and a secondary share sale by some early institutional investors – The company
Last year with the help of Steadview and Vy Capital, UrbanClap raised $50 million in November. Other investors such as Bessemer Venture Partners, SAIF Partners, and Accel Partners were also a part of that investment.
In 2019, the company’s gross revenue more than doubled to ₹116 crore, from ₹46 crore in the previous year, even as its operating loss rose 26% to ₹72 crore, compared to a year ago.
UrbanClap was formed back in 2914 by Abhiraj Bhal. The company provides services like beauty and spa at home, cleaning, appliance repair, carpentry, plumbing, painting, etc. through its mobile app, and website. It started as a slow, but its popularity continued to grow making it one of the most used apps here in India.
It operates in 10 cities in India including Ahmedabad, Bengaluru, Chandigarh, Chennai, Delhi NCR, Hyderabad, Jaipur, Kolkata, Mumbai, and Pune. They were looking to expand their services outside of India and earlier this year, they have expanded their business to Dubai and Abu Dhabi.
