India’s on demand home services marketplace UrbanClap has secured funds amounting to $50 million in a fresh funding round. This round was led by Hong Kong-based hedge fund Steadview Capital along with existing investor Vy Capital.
With this round, the valuation of the company will more than double to $480 million. UrbanClap which also counts Accel, SAIF Partners, Bessemer Venture Partners and Ratan Tata amongst its investors, was last valued at $200 million when it raised capital in 2017.
The funds so raised will be used by the company to accelerate the onboarding of both customer and service partners, build stronger teams across product and technology, build training capabilities as also enhance its supply chain of consumables.
“The core of our business which is beauty, cleaning and repairs is growing faster than before and we will invest deeper in these areas especially with regard to building a supply chain and training of professionals. We know this model works, we now want to be more aggressive in our expansion strategy there,” Co-founder and CEO Abhiraj Bhal said.
The latest investment round will also see the firm raise an additional $4 million in a secondary sale of shares and ESOPs for early angel investors and employees.