Snabbit raises $30 mn Series C to expand into child, elder and cooking care

The Bertelsmann-led funding marks Snabbit's third raise in nine months, helping the women-led quick services startup expand into new home care categories

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Quick services startup Snabbit announced on Thursday that it has raised $30 million in a Series C funding round led by Bertelsmann India Investments, with participation from all its existing investors, including Lightspeed, Elevation Capital, and Nexus Venture Partners. The latest round, the third in the past nine months, has taken the company’s total capital raised to $55 million.

 

Snabbit to expand into new high-frequency categories

 

With this fresh capital infusion, Snabbit plans to launch more micro-markets and expand into other high-frequency categories such as cooking, childcare, and elderly care, the company said in a statement.

 

Commenting on the back-to-back fundraises, Aayush Agarwal, founder and chief executive officer of Snabbit, said, “The strong, pre-emptive interest leading to this fundraise, just months after our Series B, and the continued backing from all our investors reflect both our execution and the massive potential of this category. This round makes us incredibly well-capitalised in a category we have been leading from the front.”

 

Investors back Snabbit’s growing home services market

 

Rahul Taneja, partner at Lightspeed and an investor in Snabbit, said, “High-frequency home services is truly the most under-penetrated, unorganised large category in the Indian ecosystem, yet to be meaningfully solved. Snabbit was the first to market and has relentlessly innovated to bring the best quality experience to consumers’ lives. We are excited to double down and deepen our partnership with Snabbit on this journey.”

 

Agarwal said that quick home services is among the fastest-growing consumer categories in India. The company has scaled its workforce to more than 5,000 women. “In less than five months, we have scaled from under 1,000 to over 10,000 jobs a day, powered by a 100 per cent women-led fleet of 5,000 experts who are redefining dignity and inclusion for a workforce long overlooked,” he said.

 

Snabbit shifts base to Bengaluru to boost tech capabilities

 

The company recently shifted its headquarters to Bengaluru to tap into the city’s technology talent pool. Snabbit is currently live in five cities and has expanded its leadership team across product and technology functions as it prepares to serve more markets across India.