19 Nov 2015, India: Hyperlocal services company UrbanClap has raised $25 million (Rs 165 crore) in Series B round of funding led by Bessemer Venture Partners with participation from existing investors Accel Partners and SAIF Partners.
Till now the company has raise $37 million in total. In a seed round of funding, the company raised $1.6 million from SAIF Partners, Accel Partners and Snapdeal co-founders Kunal Bahl and Rohit Bansal. Then in a Series A round, the company raised another $10 million from SAIF and Accel.
The company was founded on October 1, 2014 by Abhiraj Bhal, Raghav Chandra and Varun Khaitan.
The company is said to have build database of about 20,000 services professionals. The company is said to be servicing about 5000 customer requests each day.
The company is expected to use the funds to strengthen its leadership position in the hyperlocal market and expand to more cities in India. By the end of 2016, the company is planning to have 100,000 professionals on the platform and serve over 100,000 customers every day.
The hyperlocal services industry has been getting crowded over the past few months. It is quite clear that there will be one or two firms that will create a leadership position in the market, a spot that companies have been competing hard for.