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Urban-Clap in talks with Bessemer Venture Partners to raise Rs 200 crore

Urban-Clap, a mobile marketplace for services, is in talks to raise nearly $30 million (about Rs 200 crore) in its latest round of funding.

Oct 07, 2015, 04.00 AM IST
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Urban-Clap, a mobile marketplace for services, is in talks to raise nearly $30 million (about Rs 200 crore) in its latest round of funding.
Urban-Clap, a mobile marketplace for services, is in talks to raise nearly $30 million (about Rs 200 crore) in its latest round of funding.
MUMBAI | BENGALURU: Urban-Clap, a mobile marketplace for services, is in talks to raise nearly $30 million (about Rs 200 crore) in its latest round of funding. The startup 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 (Rs 500 crore), one of the persons said.

“We are in talks with multiple investors at this stage,” said Varun Khaitan, cofounder 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 VC firm is looking at local services, it has not agreed on any deal. The firm recently invested Rs 4 crore along with Kae Capital in HandyHome, which helps customers fix home and kitchen appliances.

Urban-Clap in talks with Bessemer Venture Partners to raise Rs 200 crore

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. It raised $10 million from existing investors SAIF and Accel Partners in June.

An increasing number of services startups 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. Other VC funded players in this business include GoodService, Housejoy, LocalOye, Zimmber, Taskbob, UrbanPro and Timesaverz.

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