Tiger Global continues India funding spree, leads $75m round in UrbanClap

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In yet another fresh deal in India, New York investment firm Tiger Global has led a $75-million funding round in Indian home services marketplace UrbanClap, per an announcement.

The round was joined by Steadview Capital and Vy Capital, UrbanClap said in a statement.

The transaction was split into two parts – a primary round which resulted in a share subscription by the said investors and a secondary share sale by some early institutional investors, it added.

The development comes less than a week after it was reported that UrbanClap has raised about Rs 1.5 crore from former Flipkart CPO Mekin Maheshwari and Avaana Capital founder Anjali Bansal. While Maheshwari invested Rs 50 lakh in the startup, Bansal infused Rs 99 lakh through her personal investment fund SAB Holdings.

Meanwhile, Tiger Global is on an investment spree in India . According to a recent Mint report, the firm has already invested about $300 million across 13 Indian startups so far this year.

Last month, it co-led a $60-million funding round in MogliLabs, which owns and operates B2B industrial goods marketplace Moglix. Its other portfolio companies include neo-banking startup Open, digital credit ledger startup OkCredit, online video platform The Viral Fever, agri-tech startup and NinjaCart, among others.

Founded in 2014 by Abhiraj Bhal, Varun Khaitan and Raghav Chandra, UrbanClap helps users hire professionals for home services such as beauty, house cleaning, repair, yoga and fitness, among other services. It is currently offering its services in about 10 Indian cities including Delhi/NCR, Bengaluru, Ahmedabad, Chandigarh, and Chennai, and claims to have around 20,000 service professionals on its platform across India, Dubai and Abu Dhabi.

The startup raised $50 million led by Steadview and existing investor Vy Capital in November last year. UrbanClap also counts SAIF Partners, Accel, and Bessemer Venture Partners among its list of backers.

The company’s gross revenue more than doubled to Rs116 crore in 2018-19 from Rs46 crore in the previous fiscal. However, its operating loss rose 26 per cent to Rs72 crore from a year ago.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.