Gurugram-based local service delivery app UrbanClap has raised $75 million worth of Series-E funding in a round led by US-based Tiger Global Management. Some existing investors also participated in the round.
"This transaction was split into two parts – a primary round which resulted in a share subscription by the above named investors and a secondary share sale by some early institutional investors," said the company. UrbanClap's existing investors include venture capital firms Bessemer Venture Partners, SAIF Partners, Accel Partners and Ratan Tata.
UrbanClap runs its home services platform in India and expanded to UAE earlier this year. The company provides independent service professionals world-wide to deliver services at home. The company had reported a 150 per cent increase in operating revenues in FY19 at Rs 116 crore as compared to Rs 46 crore in FY18 and Rs 11 crore in FY17.
Last month, UrbanClap said that former Flipkart CPO Mekin Maheshwari infused Rs 50 lakh, while Anjali Bansal of Avaana Capital invested Rs 99 lakh through her personal investment fund SAB Holdings in UrbanClap. Prior to that, in April, the company had raised Rs 1.6 crore from Flipkart CEO Kalyan Krishnamurthy.
In November last year, the five-year-old company had raised a Series-D round of $50 million, led by Steadview and Vy. Tiger Global has already invested close to $300 million in Indian start-ups, like Ninjacart, Moglix, Clevertap and Zenoti, this year.
The company operates in cities such as Ahmedabad, Bengaluru, Chandigarh, Chennai, Delhi NCR, Hyderabad, Jaipur, Kolkata, Mumbai, and Pune. Earlier this year, it expanded abroad to Dubai and Abu Dhabi.
Founded in 2014 by Abhiraj Bhal, Varun Khaitan, and Raghav Chandra, UrbanClap works with over 20,000 professionals at present on its platform across categories such as beauty, spa, cleaning, carpentry, plumbing, painting, carpentry, appliance and repairs, and pest control. The company has said that it plans to increase the number of professionals on board to 60,000-70,000 in this financial year.