UrbanClap, after raising series D round, secures Rs 1.6 Crore investment from the Flipkart.
Urbanclap is reportedly in sight of Kalyan for investment. Flipkart CEO, Kalyan Krishnamurthy, has previously invested in several startups. This was not the first time when he invested in a growing startup. Urbanclap raised Rs 1.6 Crore with this investment. Urbanclap previously raised $50 million in Series D round of funding in November 2018.
Urbanclap and its investors
Founded in 2014 by Abhiraj Bhal, Varun Khaitan, and Raghav Chandra, UrbanClap works closely with service professionals. These professionals operate under the umbrella of UrbanClap, allowing the startup to standardise its user experience.
Backed by business tycoon Ratan Tata, the startup claims 15,000 service professionals across 8 cities in India, as well as Dubai. So far, the Gurugram-based company had raised $110 million in total funding. At present, the biggest segment on UrbanClap is beauty services, followed by appliance repairs, and house cleaning services.
Urbanclap, Abhiraj Bhal led-firm, is the only startup to attract a consistent flow of investment and make a dent in the home services. More than a dozen companies had to shut shop owing to lack of investor’s interest and poor unit economics.
From trusted sources, the share price for the round stood at Rs 51,552. This stood very low from the Series D round when its share was valued Rs 68,737 each. At that time, it was valued at about $442 Mn.
Market opposition, Amazon-backed, Housejoy has been struggling from competition posed by Urbanclap. As a result, they’ve scaled down their operations.
Urbanclap has seen significant growth in the previous financial year. Its revenue took a jump in 2018, from Rs 53.48 Crore to Rs 67.18 crore. This recorded a 3.2x increase, making Urbanclap brand name standing high in the home service sector.
Flipkart has been in talks with Urbanclap for acquisition since later half of 2017. This was the first instance when Urbanclap was eyed by Flipkart for business relations.