Abhiraj Bahl’s UrbanClap is on the roll
Tiger Global Management, U.S based investment fund, which led in Series E round where UrbanClap, a home service startup managed to raise $75 million. This shows its continuing interest in the Indian startup companies.
Many existing investors participated in the round such as hedge fund Steadview Capital and Vy Capital.
UrbanClap was founded in 2014 by Abhiraj Bahl. It offers services through its mobile app and website such as beauty and spa at home, plumbing, cleaning, carpentry, painting, application repair, etc. UrbanClap operates in over 10 cities in India including Pune, Ahmedabad, Delhi NCR, Chennai, Bengaluru, Kolkata, Chandigarh Jaipur, Hyderabad, and Mumbai. Earlier this year, the company planned to expand to Abu Dhabi and Dubai.
UrbanClap raised $50 million in November, last year
The company said, “This transaction was split into two parts- a primary round which resulted in a share subscription by Tiger, Steadview and a secondary share sale by some early institutional investors.”
Tiger Global Management is an investment firm that invests capital globally in both private and public markets. It is headquartered in New York and was founded in 2001 by Chase Coleman, with offices in Singapore, Hong Kong, Melbourne, and Bangalore.
Last year, in November, it raised $50 million led by Steadview and Vy Capital. Besides Billionaire Ratan Tata, it also includes other venture capital firms Bessemer Venture Partners, Accel Partners, and SAIF Partners.
Doubled gross revenue and operating losses
According to the reports, the company’s gross revenue rose from 46 crores to 116 crores which are doubled as compared to the previous year. The same pattern was seen in its operating loss increased to 26% to 72 crores as compared to last year.
