UrbanClap, Indiaҳ largest home services startup, raises $75MThis post was originally published on this site
UrbanClap, a marketplace for freelance labor in India and UAE, has raised $75 million in a new financing round to expand its business.
The Series E round for the four-and-a-half-year old India-based startup was led Tiger Global. Existing investors Steadview Capital, which led the startup’s Series D round, and Vy Capital also participated in the round. The startup, which has raised about $185 million to date, said some early investors sold portions of their stake as part of the new round.
Through its platform, UrbanClap matches service people such as cleaners, repair staff and beauticians with customers across 10 cities in India and Dubai and Abu Dhabi. The startup supports 20,000 “micro-franchisees” (service professionals) with around 450,000 transactions taking place each month, cofounder and CEO Abhiraj Bhal told TechCrunch.
Bhal said that UrbanClap helps offline service workers in India, who have traditionally relied on getting work through middleman such as some store or word of mouth networks, to find more work. And they earn more, too. UrbanClap offers a more direct model, with workers keeping 80% of the cost of their jobs. That, Bhal said, means workers can earn multiples more and manage their own working hours.