Home Services Firm Snabbit nets $19 Million Fund to Expand Micro Markets

Key Highlights

• Snabbit, one of the top home services startups in India raises $19 Million in Series B led by Lightspeed to scale on-demand home services across 200 micro-markets.
• Mumbai-based Snabbit expands from Powai to Bengaluru with rapid growth, backed by Elevation Capital and Nexus Venture Partners.
• Snabbit accelerates national expansion amid rising investor interest in home services, following Urban Company's Rs 1,900 Crore IPO.

On-demand home services firm, Snabbit has secured another funding round just six months after setting its expansion plans at a time of growing investor interest and competition within the space.

The company raised $19 million in its Series B round led by Lightspeed, with support from Elevation Capital and Nexus Venture Partners. The Mumbai-based company has raised a total of $24.5 million over these two rounds since the beginning of the year.

The startup began offering services in Powai, Mumbai, before expanding to other pincodes in the city and a select number of areas in Bengaluru.

Since the March 2024 launch, the platform is operating in 10 micro-markets. With its new capital infusion, the company plans to operate in over 200 micro-markets in the next nine months. It also plans to invest heavily in building out its team to support its growth plans.

The space has had resurgence in investor interest, with Urban Company launching its Rs. 1,900 crore IPO last month. Earlier this month, home services provider Pronto raised $2 million from Bain Capital.

Also Read: Remarkable Household Cleaning Product Brands for Pure & Planet-Friendly Home

"The last round of capital was raised to demonstrate that what we had proven in Powai could be replicated across multiple micro markets. So, we launched in Bangalore and expanded into several different micro markets in Mumbai. We actually saw even faster growth there—both in terms of scaling the business and acquiring customers. Once we saw that kind of traction, it made sense to prepare for a much faster acceleration in scaling these micro markets. That’s why we went out and raised more capital”, said Aayush Agarwal, Founder and CEO, Snabbit.