Snabbit Raises $56 Million to Accelerate Expansion in India’s Home Services Market
Snabbit, an Indian on-demand home services platform, has secured $56 million in a fresh funding round led by Susquehanna Venture Capital, Mirae Asset Venture Investments, and Bertelsmann India Investments. Existing backers Nexus Venture Partners and Lightspeed also participated, alongside new investor FJ Labs Inc. With this latest round, the company’s valuation has more than doubled from its previous $180 million, although it did not disclose its current valuation. Snabbit has now raised a total of $112 million across five funding rounds.
The platform provides household services such as dishwashing and kitchen cleaning, with prices starting at 169 rupees ($1.79) per hour. Reflecting its growing traction, the company reported crossing 1 million monthly jobs in March. Snabbit is part of a rapidly expanding sector in India, which now boasts over 10 million monthly users seeking on-demand home services.
The newly raised capital will be used to expand into new cities, strengthen its footprint in existing markets, introduce additional service categories, and bolster its balance sheet. Snabbit faces competition from players such as Pronto and Urban Company, with the latter leading the market with 6.5 million users, followed by Pronto at 2.7 million and Snabbit at 1.2 million users, according to a recent Morgan Stanley report.
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