After raising US$ 12 M across two rounds from Saif and Accel Partners earlier this year UrbanClap has snagged a Series B round of funding of USD 25 M. The round is led by Bessemer Venture Partners, with participation from existing investors Saif and Accel Partners.
Talking about the latest round, Abhiraj Bhal, Co-founder of UrbanClap, said, “This is a winner take all market – there is no place for second best. With this round of funding, we are well positioned to build a very large company that Indians love, and make their everyday lives easier. We will use these funds to further strengthen our leadership position in the space and spread expand across all major cities in India. By the same time next year, we are aiming to have over 100,000 professionals on the platform and serve over 100,000 customers every day. UrbanClap will become synonymous with the word services for urban customers and professionals across the country.”
Headquartered in Gurgaon, UrbanClap offers services in 75+ categories across Delhi NCR, Bengaluru, Mumbai, Chennai and Pune. The company plans to extend its offering to 25 cities and 100+ categories over the next one year. Further, the round will be used to increase its team size from 300 currently to about 600. The funds will also be used by the company to make some strategic acquisitions.
Vishal Gupta, MD, Bessemer Venture Partners, said, “The UrbanClap founders have built a great team, which is executing very aggressively. They are building a service India needs. Further, they are amongst the most frugal and capital efficient companies we have met, with strong long term focus. We look forward to partnering with them and creating a large business.”