1 min read.Updated: 02 Aug 2019, 10:46 AM ISTM. Sriram
The company had raised $50 million in November last year led by Steadview and Vy Capital
This was the Series E round led by US-based investment fund Tiger Global Management
Mumbai: Home services startup UrbanClap said on Friday that it has raised $75 million in a Series E round led by US-based investment fund Tiger Global Management, continuing Tiger's increased interest in Indian startups this year.
Existing investors, hedge fund Steadview Capital and Vy Capital also participated in the round.
Founded in 2014 by Abhiraj Bahl, the company offers services such as beauty and spa at home, cleaning, plumbing, carpentry, appliance repair, painting etc. through its mobile app and website. It operates in 10 cities in India including Ahmedabad, Bengaluru, Chandigarh, Chennai, Delhi NCR, Hyderabad, Jaipur, Kolkata, Mumbai, and Pune. Earlier this year it also expanded abroad, to Dubai and Abu Dhabi.
"This transaction was split into two parts – a primary round which resulted in a share subscription by Tiger, Steadview and and a secondary share sale by some early institutional investors," the company said.
It raised $50 million in November last year led by Steadview and Vy Capital. Its other investors include venture capital firms Bessemer Venture Partners, SAIF Partners and Accel Partners besides billionaire Ratan Tata.
For the financial year ended 31 March 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, Mint reported on May 16.
Tiger Global, an early backer of online retailer Flipkart, has doubled down in India this year, investing over $300 million in six months, Mint reported on Tuesday.