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Urban-Clap in talks to raise Rs 200 crore in new funding

  • Urban-Clap,
    a mobile marketplace for services, is in talks to raise nearly $30 million in
    its latest round of funding, the
    Economic Times reported.
  •  
  • The start-up
    is in advanced talks with Bessemer Venture Partners, an early backer of Skype
    and Pinterest, according to two people aware of the developments. The deal is

    • Urban-Clap,
      a mobile marketplace for services, is in talks to raise nearly $30 million in
      its latest round of funding, the
      Economic Times reported.
    •  
    • The start-up
      is in advanced talks with Bessemer Venture Partners, an early backer of Skype
      and Pinterest, according to two people aware of the developments. The deal is
      likely to give the company a pre-money valuation of $75 million.
    •  

    •  
    • “We are
      in talks with multiple investors at this stage,” said Varun Khaitan,
      co-founder at UrbanClap, without disclosing the details. “Money will be
      invested in growing platform on both sides, building the team and further
      strengthening our position as market leader,” he said.
    •  
    • Last month,
      UrbanClap said the value of monthly transactions on its platform touched about
      Rs 66 crore, with 3,000 user requests per day on average.
    •  
    • Bessemer
      India MD Vishal Gupta said while the firm is looking at local services, it has
      not agreed on any deal. The company recently invested Rs 4 crore along with Kae
      Capital in HandyHome, which helps customers fix home and kitchen appliances.
    •  
    • UrbanClap is
      experimenting with two different business models. For standardised, blue
      collared services such as electricians or home cleaning, it curates directly
      for the customer and offers the best available professional. For white collared
      services like photographers, interior designers and yoga instructors, it takes
      in the customer request and with an automated matchmaking algorithm, gives a
      choice of sellers to the customer to pick from.
    •  
    • The company
      is currently looking at going deeper into each city and each category, instead
      of rapidly expanding to more cities. UrbanClap currently has 8,000 live
      professionals on the platform across four cities.
    •  
    • An
      increasing number of services start-ups are aggregating handymen such as
      electricians and plumbers, as well as caterers and tutors, stitching together a
      highly fragmented market pegged at close to $100 billion. 

     

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