Steadview, Vy lead $50m Series D for India's UrbanClap

Founded in 2014, UrbanClap operates an online platform where users can order professional services such as appliance repair, painters, plumbers, and beauticians from local operators. The company also provides the service providers with financing, training, and insurance in order to standardize the end-user experience.

Proceeds from the funding round will be used to accelerate onboarding of customers and service partners, expand the  technology team, build training capabilities, and improve UrbanClap’s supply chain of consumables, according to a release. The company recently began a geographical expansion focused on tier-two cities, with its Chandigarh service launching last week.

“UrbanClap’s tech-centric approach of building quality supply in a trust-deficit market is solving a big consumer need, and enabling service professionals to be micro-entrepreneurs,” said Ravi Mehta, founder and managing partner of Steadview. “The company’s focus on customer experience stands out, and we think very highly of the founders and the team.”

UrbanClap’s investors include Accel Partners and SAIF Partners, which backed the company’s $1.6 million seed round in April 2015 and committed another $10 million in Series A funding the same year. Bessemer Venture Partners joined them for the $25 million Series B round that November, and all three were accompanied by Vy in the $21 million Series C round last year.

In addition to these investments, UrbanClap has facilitated secondary sales by employee stock owner ship plans (ESOPs) and early angel investors. The first of these was conducted alongside the Series C round, and the second, totaling $4 million, accompanied the Series D round.

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• Topics
• South Asia
• Technology
• Consumer
• Expansion
• India
• TMT
• Growth capital