Tiger Global leads $75m Series E for India's UrbanClap
India-based local services marketplace UrbanClap has raised a $75 million Series E round led by Tiger Global Management that will provide an exit for some unnamed investors.
In addition to Tiger, existing backers Steadview Capital and Vy Capital, which led UrbanClap’s Series D round last year, participated in the funding round. The transaction consisted of an infusion of primary capital along with the secondary share sale by the early-stage investors.
Launched in 2014, UrbanClap is currently present in 10 cities in India, along with the United Arab Emirates, where it started operations in Dubai last year and Abu Dhabi in June. The company claims to have more than 100,000 professionals on its platform offering a wide range of services, including housekeeping, personal care and beauty, home repairs and pest control, photography, fitness training, and others.
In addition to connecting service providers with customers, UrbanClap provides the contractors with tools, uniforms, financing, training, and insurance in order to standardize the end-user experience. To qualify for a listing on the platform, service providers must pass a series of screenings such as an in-person interview, background and criminal checks, and a skills test. The company says around 25% of applicants are approved to offer services through UrbanClap.
Early investors in UbanClap 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 in 2017.
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